CHICAGO, Ill. – September 21, 2022 –
Chicago Community Capital (C3) Fund, a certified Community Development Financial Institution (CDFI), today announced its collaboration with Woodforest National Bank® (Woodforest) to provide $1.5 million to support Black, Indigenous and People of Color (BIPOC) developers in the West Woodlawn neighborhood.
C3 Fund’s mission is to provide capital and technical assistance to BIPOC and female real estate investors looking to acquire and rehab one- to-four unit properties in low- and moderate-income areas. C3 Fund serves to meet the challenges small developers face operating in underserved communities by providing the capital to grow and scale their businesses.
The West Woodlawn neighborhood has been disinvested for decades. The three developers – Derrick Walker, Sean Jones, and DaJuan Robinson – each purchased two lots, concentrated within two city blocks, from the Cook County Land Bank Authority (CCLBA). The CCLBA works to reduce and return vacant land and abandoned buildings back into reliable and sustainable community assets. The finished products are slated as three-story, three-unit buildings, with in-unit laundry, juliet balconies and other condominium-level amenities. It is estimated that the developments will create approximately 150 jobs, many of which will be for skilled tradespeople from the community. All three buildings are expected to be available for sale by Spring 2023. The image (at right) is a rendering of the new construction.
“This is exactly the type of transformative impact in underserved neighborhoods that Woodforest wants to support. We appreciate working with CDFIs who, like, C3 Fund, are providing targeted investments that support local transformational efforts that leverage local assets and local developers. Theirs are the projects that take vision, commitment, and leadership to get through the numerous challenges,” said Doug Schaeffer, Executive Vice President, Executive Director, CRA for Woodforest National Bank.
“Having access to inventory and access to capital are two challenges that developers face. Financing these buildings fits well with C3’s strategic plan to build wealth for smaller real estate developers of color,” said Tiffany Taylor, C3 Fund’s Executive Director. “We’re excited about the economic and social impact these projects will have on two concentrated blocks that have experienced blight for decades. We’re grateful to have Woodforest’s continued support through this $1.5 million commitment.”
In June 2021, Woodforest provided C3 Fund with $5 million in capital to support Naturally Occurring Affordable Housing (NOAH).
“Having C3 Fund as my funding partner has been extremely valuable. They have local knowledge of the neighborhood, you can speak directly to the lender and once I closed my loan, I was able to request a draw and receive my funds within hours,” said Robinson, one of the West Woodlawn Pointe developers. About C3 Fund C3 Fund lends to BIPOC real estate investors operating in low- and moderate-income (LMI) neighborhoods in the Chicagoland area. The fund’s goal is to provide uncomplicated access to financing and technical support to local entrepreneurs operating in historically disinvested neighborhoods. Certified as a CDFI in 2017, C3 Fund offers short term construction loans to borrowers that are community focused. For more information about C3 Fund, please visit the C3 Fund website.
About Woodforest National Bank Celebrating over 40 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 760 branches in 17 states across the United States and is an Outstanding CRA rated institution. For more information about Woodforest National Bank, please visit www.woodforest.com. Member FDIC.