Chicago Community Loan Fund (CCLF) Announces Leadership Change: President Calvin Holmes Steps Down, Bob Tucker Appointed as New President

The Chicago Community Loan Fund (CCLF) has announced that Calvin L. Holmes will step down as President at the end of 2024, concluding nearly 30 years with the organization, including more than 26 years in the role of President.

“Calvin Holmes is a visionary in the community development finance industry,” said Erik Hall, chair of CCLF’s Board of Directors.

Effective January 1, 2025, Bob Tucker has been appointed as the new President. Tucker has been serving as the Interim President since November 2022, following an unexpected health challenge faced by Holmes. Holmes will remain with CCLF through the end of 2024 and will continue as an advisor in 2025.

Holmes joined CCLF as a Loan Officer in April 1995 and became Executive Director in June 1998, marking his role as the second leader in the organization’s 33-year history. His leadership journey was bolstered by being a 2003 Leadership Greater Chicago fellow. Under his guidance, CCLF has evolved from a modest $3.7 million nonprofit Community Development Financial Institution (CDFI) to an organization with nearly $200 million in net assets. His efforts have left a profound impact on historically disinvested communities throughout the Chicago metropolitan area.

During his tenure, Holmes led CCLF to originate over $368 million in affordable loans, leveraging an additional $1.9 billion in public and private capital, supporting over 12,480 units of affordable housing, 13.2 million square feet of commercial retail and community facility space, and creating 7,735 jobs. His leadership has garnered numerous accolades, including the 2014 Alford-Axelson Award for Non-profit Managerial Excellence and substantial unrestricted funds from MacKenzie Scott in 2021 and 2024.

Holmes’s influence extends beyond CCLF; he served as Chairman of the CDFI Fund Advisory Board (2013-2017) and Vice Chairman of Opportunity Finance Network (2000–2009). Currently, he is the Vice Chair of the African American Alliance of CDFI CEOs, focusing on reducing the racial wealth gap.

“After a long journey of recovery and dedication to CCLF, it is time for me to prioritize my health,” said Holmes. “Leading CCLF has been my life’s work, and I’m confident that our incredible team will continue our mission. I am thrilled that Bob Tucker has been chosen as my successor; I have seen his commitment to CCLF’s mission firsthand.”

Tucker, who joined CCLF in 2015 as Chief Operating Officer and Executive Vice President of Programs, has over 15 years of experience in the CDFI sector. Before CCLF, he was a partner at Chapman and Cutler LLP, where he represented various lending institutions and served as the firm’s pro bono chair. In addition to his role at CCLF, Tucker is involved with multiple local nonprofits dedicated to social justice, affordable housing, and community development.

“Bob Tucker’s leadership has already proven invaluable,” said Hall. “Under his interim presidency, CCLF experienced its best lending year ever in 2023, closing over $42 million in loans. Additionally, JPMorgan Chase recently made a $10 million low-cost investment in CCLF to relaunch its Communities of Color Fund.”

The board believes Tucker’s extensive industry expertise, combined with the seasoned management team, positions CCLF for continued success. “We’re confident in Bob’s vision for CCLF’s future and his commitment to deepening our impact within the communities we serve,” said Chuck Walls, long-time CCLF board treasurer.

Tucker expressed his commitment to enhancing CCLF’s capacity to serve its community effectively. “At our core, we are lenders and technical assistance providers. I am excited to lead our dedicated staff to improve our responsiveness to the needs of our customers while maintaining exceptional service and products for community developers in Chicagoland,” he said.

Reflecting on his time with Holmes, Tucker stated, “His passion for the work has inspired me and will continue to guide our mission of creating thriving communities.

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