2017 was an exciting year for JCUA’s Community Ventures Program (CVP). With two new loans approved, increased money in the revolving grant fund, a very successful Neighborhood Impact Tour, new CVP staff, and a diverse pipeline of projects, CVP is making a significant impact in affordable housing, and community and economic development throughout Chicago neighborhoods. Through this program, and with the vital support of our donors and investors, JCUA is contributing to preserving and developing much needed affordable housing and supporting job growth and creation.
At a time when the cost of living in the city is rising, there is increased need for decent and safe affordable housing for low-income individuals and families. Since 1991, CVP has provided more than $4.7 million in zero-percent interest loans to 36 separate development projects, helping to keep and/or preserve 4,000 affordable housing units. CVP loans have served as a catalyst during the early development stage. Funds have been used for site acquisition, architectural fees, assessments and other related expenses. For several projects, funds disbursed through the Community Ventures Program have been among the first financing secured for a project. This early money helped to add credibility to projects and paved the way for additional investment. As JCUA continues to pool resources to provide loans that are flexible and easy-to-access, the impact of the program remains strong and constantly growing.
We are pleased to share with you our 2017 CVP Investor Report. It is a snap shot and detailed description of the projects currently supported by CVP, as well as recently repaid loans and potential projects.