Since 1988, IFF has grown from a small lender serving Chicago nonprofits into the Midwest’s largest Community Development Financial Institution (CDFI) to serve exclusively nonprofits in Illinois, Indiana, Iowa, Missouri and Wisconsin.
From concept to incorporation to expansion into real estate services, research and public policy, IFF has made great strides in advancing the services available to nonprofit corporations serving low-income communities.
2011: IFF establishes Health Centers for Healthy Communities and Home First Illinois. • IFF receives grants from Create Jobs for USA to promote projects that encourage job creation, from Energy Impact Illinois and Bank of America to help nonprofits reduce energy use, from HUD and DCEO to to increase affordable housing for families in Illinois' West Suburban Cook County, and from U.S. Department of Treasury to improve access to healthy foods in low-income neighborhoods under the Healthy Foods Financing Initiative. • IFF joins the Federal Home Loan Bank of Chicago.
2010: IFF names Joe Neri as CEO—IFF’s founder Trinita Logue, formerly President and CEO, remains President • IFF releases research reports focusing on quality education in Milwaukee, Kansas City, and Denver • Communities at Work Fund awards IFF $20 million and JP Morgan Chase provides IFF with $9.5 million in low-interest capital raised through the New Market Tax Credits (NMTC) Program
2009: IFF opens a Milwaukee office
2008: IFF innovative financial model is awarded both a $5.5 million Wachovia NEXT award for Opportunity Finance and Fast Company’s 2008 Social Capitalist Award • IFF creates a Public Policy and Communications Department • IFF opens a St. Louis office
2006: IFF receives the Wachovia Award for Innovation in Finance for the design and impact of its Charter Schools Capital Program (CSCP)
2005: IFF is awarded an $8 million grant from the U.S. Department of Education’s Credit Enhancement for Charter School Facilities grants, allowing CSCP to begin providing tax-exempt, credit enhanced bond financing for charter schools
2004: IFF creates a new Research Department and releases the first-ever comprehensive statewide Child Care Needs Assessment
2003: IFF awarded $10 million in New Markets Tax Credits
2001: IFF Loan Department closes its 200th loan
2000: Mayor Daley announces the Children’s Capital Fund, a $42 million IFF program – based on IFF research – to build or renovate licensed child care centers in low-income Chicago neighborhoods
1998: Publication of the first-ever study on the financial health and stability of the nonprofit sector in Illinois Nonprofits: Building Capacity for the Next Century
1997: IFF establishes Real Estate Services
1996: IFF is certified as a CDFI and awarded $900,000 through the U.S. Treasury’s Community Development Financial Institutions (CDFI) Program
1995: Six banks join the Bank Consortium to invest $10 million in IFF’s Loan Program
1994: As part of the Child Care Facility Development Program, IFF becomes the construction manager for six child care centers
1993: IFF closes on a $1 million loan from Continental Bank, its first borrowing for the loan program
1992: Launch of the Child Care Facility Development Program, a $21.7 million innovative public private partnership developed to build seven child care centers throughout Illinois
1990: IFF becomes an independent organization with $1.7 million in initial support, two staff and a $2.7 million loan portfolio by year end.
1988: IFF files incorporation papers, operating under the umbrella of Chicago Community Trust
1987: Release of concept memo outlining the need for and feasibility of a nonprofit lender