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Longitudinal Impact Study on CCLF's Shared-Equity Housing Financing

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Longitudinal Impact Study on CCLF's Shared-Equity Housing Financing Woolman-Washington Co-op Longitudinal Impact Study on CCLF’s Shared-Equity Housing Financing Table of Contents Background/Introduction ..................................................................................................................................................2 Methodology ..........................................................................................................................................................................3 CCLF Co-op Demographics and Affordable Housing .............................................................................................4 Co-op Rates and Costs ...................................................................................................................................................5-7 Co-op Housing Costs and Benefits ............................................................................................................................8-9 Community Impact ......................................................................................................................................................10-11 Impact of CCLF Financing and Facility Improvements ..........................................................................................12 Recommendations and Conclusion .............................................................................................................................13 Credits .....................................................................................................................................................................................14 Good News Partners Co-op 1 Longitudinal Impact Study on CCLF’s Shared-Equity Housing Financing Background/IntroductionBackground/Introduction ChicagoChicago Community Community LoanLoan FundFund (CCLF)(CCLF) isis a certified Community DevelopmentDevelopment FinancialFinancial InstitutionInstitution (CDFI)(CDFI) founded founded inin 19911991 toto provideprovide flexible,flexible, affordable and responsiblesible financingfinancing andand technicaltechnical assistanceassistance for for communitycommunity stabilizationstabilization andand development efforts andand initiativesinitiatives thatthat benefitbenefit low- low- toto moderate-incomemoderate-income (LMI)(LMI) neighborhoods,neighborhoods, families and individuals tthroughouthroughout metropolitanmetropolitan Chicago.Chicago. CCLF’sCCLF’s financing financing productsproducts workwork togethertogether to address the community developmentdevelopment needsneeds ofof distresseddistressed neighborhoodsneighborhoods inin thethe areasareas ofof affordableaffordable housing, community facilities,lities, commercialcommercial retailretail developmentdevelopment andand new new or or expandedexpanded socialsocial enterprises.enterprises. As a CDFI, CCLF couples itsits patientpatient lendinglending withwith technicaltechnical assistanceassistance to to helphelp neighborhood-basedneighborhood-based organizations develop financiallyncially andand environmentallyenvironmentally sound sound projectsprojects and and overcomeovercome roadblocksroadblocks thatthat prevent development projectscts fromfrom movingmoving forward.forward. These These projectsprojects compliment compliment otherother strategicstrategic initiativesinitiatives to transform a city block,block, neighborhood,neighborhood, andand community community untiluntil the the entire entire metropolitanmetropolitan regionregion continuescontinues to prosper to its fullest potential.potential. InIn keeping keeping withwith itsits primordialprimordial missionmission toto makemake capital capital availableavailable forfor socialsocial impactimpact developmentdevelopment projects,projects, CCLFCCLF takestakes onon aa comprehensivecomprehensive evaluationevaluation ofof itsits lendinglending to measuremeasure social social impactimpact overover timetime andand establishestablish newnew pathways pathways forwardforward thatthat continuecontinue toto meet urgenturgent community community developmentdevelopment needsneeds in LMILMI neighborhoods. neighborhoods. ThisThis studystudy providesprovides an overviewoverview of of CCLF’sCCLF’s lendinglending forfor shared-equityshared-equity housing,housing, also also referredreferred toto asas affordableaffordable housing cooperatives.cooperatives. CCLFCCLF specializes specializes inin providingproviding financingfinancing for housinghousing cooperatives cooperatives (co-ops),(co-ops), foodfood co-opsco-ops Sol House Co-op GardenGarden andand worker-owned worker-owned co-ops.co-ops. SinceSince itsits foundingfounding throughthrough December December 2017,2017, CCLFCCLF awardedawarded $8,776,213$8,776,213 inin loansloans toto 2727 affordableaffordable housinghousing cooperatives.cooperatives. CCLFCCLF alsoalso financedfinanced oneone worker-owned co-op and twotwo foodfood co-ops.co-ops. HousingHousing cooperatives cooperatives areare aa formform ofof sharedshared home ownership in mulmulti-unitti-unit buildings.buildings. TheThe co-opco-op isis owned owned by by allall thethe membersmembers jointly.jointly. MembersMembers of the co-op buybuy aa shareshare ofof ownershipownership thatthat givesgives themthem rights rights toto oneone unit.unit. ShareShare pricesprices varyvary depending on the size ofof thethe unit.unit. Shared-equityShared-equity housinghousing promotespromotes long-term long-term affordabilityaffordability andand serves as an alternative to traditionaltraditional homehome ownership.ownership. It It offers offers membersmembers entry entry intointo thethe homehome ownershipownership market with the full financialcial andand legallegal responsibilityresponsibility shared shared amongamong the the familiesfamilies livingliving atat thethe co-op,co-op, making home ownership aa realreal optionoption forfor lower-incomelower-income families.families. Oftentimes, Oftentimes, membersmembers buildbuild enoughenough equity and wealth whwhileile livingliving inin thethe co-opco-op thatthat they they eventuallyeventually move move outout toto ownown theirtheir ownown single-familysingle-family property, makingking theirtheir unitunit availableavailable forfor another another membermember to to buybuy intointo thethe co-op.co-op. TheThe purposepurpose ofof thisthis studystudy waswas to measure if shared-equity housinghousing financedfinanced byby aa CCLFCCLF loanloan representsrepresents an economical form ofof homehome ownershipownership thatthat increasesincreases thethe wealthwealth of owners/shareholders andand thethe impactimpact on the neighborhood. LongitudinalLongitudinal Impact Impact Study Study onon CCLF’sCCLF’s Shared-EquityShared-Equity Housing Financing 22 Settlement Loan Dollars Units of Co-op Name Date Amount Leveraged Housing Neighborhood Bickerdike Redevelopment Corporation (BRC2) 4/13/1995 $145,000 $4,426,733 40 West Town Cambridge Manor Tenant Council 2/24/2011 265,000 9,246,014 312 Douglas Ellis Cooperative 11/18/2003 350,000 - 36 Oakland Freedom Road Cooperative 5/31/2001 619,468 337,000 6 Uptown Genesis Cooperative Corporation 4/14/2014 410,000 - 21 South Shore Good News Partners 1 (The BOS) 6/2/2003 354,000 - 6 Rogers Park Good News Partners 2 (Phoenix Co-op) 10/19/2004 350,000 - 16 Rogers Park Good News Partners 3 (Phoenix Co-op 2) 5/27/2010 200,000 - 4 Rogers Park Good News Partners - Fargo 2/19/2016 225,250 - 4 Rogers Park Hesed House Cooperative 8/21/2008 315,000 - 4 Little Village HUB Housing Cooperative 12/30/2004 615,000 158,000 5 Little Village Logan Square Cooperative 10/30/2001 332,000 251,500 8 Logan Square Logan Square Cooperative 1B 12/9/2003 180,000 - - Logan Square Lots in Common 12/28/2004 300,000 1,160,000 50 Hyde Park Lots in Common II 5/14/2003 410,000 - 12 Hyde Park NASCO Properties -Qumbya Cooperative 2/12/2009 1,022,495 120,000 38 Hyde Park North American Students of Cooperation (NASCO) 1 8/5/1993 45,000 - 0 Hyde Park North American Students of Cooperation (NASCO) 2 3/12/2002 315,000 911,000 20 Hyde Park People’s Reinvestment & Development Effort (PRIDE II) 9/22/1995 5,000 - 18 Austin and Cooperative Association of Parkside (CAP) Racine Courts Cooperative 12/20/2007 Spaulding Cooperative 11/23/2004 185,000 1,750 6 Logan Square SOL House (previously Blue Stem Cooperative) 8/1/2011 626,000 287,328 6 Logan Square Stone Soup Cooperative 8/31/2000 355,000 49,750 10 Uptown Stone Soup Cooperative 2 4/30/2002 165,000 24,505 7 McKinley Park Winthrop Apartments Cooperative 8/14/2015 158,000 288,033 18 Edgewater Woolman-Washington Cooperative 11/23/2015 144,000 - 51 West Town Cooperative Housing Totals: 27 Loans $8,776,213 $1,261,613 819 Methodology The sample size for this study included all of the 27 co-ops that received a CCLF loan. The goal of the study was to obtain feedback from at least 50% of the co-ops. Survey questions were developed by CCLF staff and the consultant, and suggestions received from Charles Daas, former executive director of Chicago Mutual Housing Network and editor of Affordable Housing Cooperatives: Their Conditions and Prospects in Chicago (2004). Daas is also a CCLF Board member. Design of the questionnaire was to obtain generalizations about the co-op and not just the person interviewed. The majority of interviewees were able to provide these general statements about other owners/residents living in the co-op. These general statements can be fairly accurate because of the close nature of co-op living and the structure for operations lends itself to having personal knowledge of neighbors/co-owners. The questionnaire was comprised of four sections
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