Apply for a CVP Loan
CVP provides zero-interest loans to nonprofits and mission-driven for-profits launching housing and community development projects in the Chicago region. JCUA awards a maximum of $200,000 per loan, typically for up to two years, to be repaid as a lump sum at the end of the term. CVP loans cover project costs, typically in the project’s predevelopment phase. Acceptable uses of CVP funds include: architectural drawings, environmental testing, market studies, application fees, legal fees, acquisition costs, bridge financing for reimbursement-based public grants, other expenses considered on a case-by-case basis.
CVP supports affordable housing, community facilities, and social impact economic development projects, with priority consideration given to creating and preserving affordable housing.
Affordable Housing
CVP provides capital to housing projects that:
- Increase affordable rental housing stock for households under 80% AMI including Permanent Supportive Housing (PSH) across the region.
- Create or preserve transitional housing for community members experiencing homelessness.
- Increase homeownership opportunities, particularly housing cooperatives and community land trusts, for low- to moderate-income members of BIPOC, disabled, unhoused, returning citizen, LGBTQ+, and immigrant communities.
Community Facilities
CVP provides capital to buildings or places that provide for the physical, social, cultural, or intellectual welfare of the local community.
Social Impact Enterprises
CVP provides vital capital to BIPOC-owned small-to-mid-sized local enterprises that prioritize social profitability alongside financial profitability.
I. Eligibility and Criteria
Applications must meet the following eligibility requirements:
- The project must be creating or preserving affordable housing, a community facility, or a social impact enterprise.
- The borrowing entity must be a community-aligned organization (non- or for-profit).
- The loan must be intended to cover project-specific expenses (i.e. predevelopment, acquisition, or construction/rehab expenses).
Applications are assessed on the following criteria:
- Community Development Impact: The extent to which the project improves availability of affordable and accessible housing, provides or expands an otherwise missing or limited resource in the community, and/or creates permanent quality jobs and/or equity/ownership opportunities for members of economically marginalized communities, while prioritizing impact on people and environment alongside financial profits. Priority is given to housing projects, projects that utilize community, worker, and/or member ownership models, and/or projects that demonstrate commitments to long-term affordability of units (for housing projects) and long-term investments in neighborhood/neighbors (for social impact enterprise or community facility projects).
- Equitable Local Investment: The extent to which the project targets BIPOC-majority neighborhoods to address systemic disinvestment or targets neighborhoods with high levels of low-income displacement to address harmful impacts of gentrification.
- Community Leadership and Backing: The extent to which the project is led and backed by residents of the neighborhood in which the project is situated and the communities served by the project.
- Project Viability: The extent to which the project demonstrates strong organizational financial standing, a team that possesses the knowledge and skills to complete the project, and a realistic plan for financing and completing the project.
- Repayment Source Viability: The extent to which the project demonstrates a likely and acceptable source of repayment including, but are not limited to, public allocated capital, private grants, capital/investment campaign, program/earned revenue, private loan, or reserves.
- Need for JCUA Investment: The extent to which a project is made viable through the receipt of a JCUA loan. Priority is given to projects that are seeking predevelopment funding.
- Connection to JCUA Campaigns or Programs: The extent to which the project compliments, relates to, or collaborates with other initiatives of JCUA.
II. How to Apply
Applications are accepted during the following review periods throughout the year.
Winter Deadline: January 10, 2025
Spring Deadline: May 1, 2025
Fall Deadline: September 1, 2025
In order to apply, please contact Rose Shapiro (roseshapiro@jcua.org) to schedule a pre-application meeting.
Following the pre-application meeting, all applicants will complete an application form and submit the following documents:
- Brief description of the following:
- Details of the project (i.e. purpose, population served, features of the facility, climate resiliency measures, site control status, timeline)
- The project’s neighborhood and how the project will impact the neighborhood
- How the project is backed by residents of the neighborhood in which the project is situated and/or the communities served by the project.
- Plans for financing the project, why a CVP loan is needed, and the intended use of CVP funds
- Organization(s) involved in the project and the individual members of the development team, including relevant experience.
- Total project budget, including uses, expected sources, and status of each source (e.g. application pending, commitment received, expiration date of commitment)
- Total pre-development budget – including uses, expected sources, and status of each source (e.g. application pending, commitment received, expiration date of commitment)
- Evidence of site control, if available.
- Renderings, site plans, and floor plan drawings, if available
- Latest two years of audits/financial statements
- Organizational documents: (i) articles of incorporation; (ii) by laws; (iii) partnership agreements (iv) copy of IRS determination (v) Certificate of Good Standing
- List of board members or officers
Applications are reviewed by the CVP Advisory Committee. The committee submits recommendations to JCUA’s Board of Directors to approve loans and terms. Applicants may receive a decision in as little as 3 months.
In order to apply or to learn more, please contact Rose Shapiro (roseshapiro@jcua.org).