CDFI News: IFF One of Only Four CDFIs to Earn AAA+1 CARS Rating

IFF is one of only four CDFIs nationwide to earn the CDFI Assessment and Rating System's (CARS) highest rating of “1” for Financial Strength and Performance, the highest rating of “AAA” for Impact Performance and a Policy Plus for leadership in policy changes impacting disadvantaged people and communities.

CARS™, an independent project of Opportunity Finance Network, promotes performance as a primary criterion determining the flow of capital through CDFIs, and standardization of information and industry-wide performance standards. Ratings are based on five years of historical performance and cover a projected three-year period with annual updates in subsequent years.

Investors and Funders: Communities at Work Fund™ Awards IFF $20 Million

In November, Communities at Work Fund™ announced that it had awarded IFF with $20 million from the Fund’s total of $200 million which was established  to help fuel small business lending in low-wealth and low-income U.S. communities.  Citi provided $199 million of capital through a combination of equity and loans with Calvert Foundation and Opportunity Finance Network (OFN) contributing the balance to launch the Fund in May 2010.

IFF has already begun putting the capital to work on several projects including Inspiration Corporation's third cafe to be located on Chicago's West Side. We will highlight this project in an upcoming newsletter.

Lending: IFF Provides Vehicle Loans

Along with our well-known loan products for facilities, IFF’s affordable vehicle financing helps organizations transport clients or deliver mobile programs.  

Volunteers of America of Wisconsin has worked with IFF several times to finance vehicles that provide transportation to doctor’s appointments, recreational activities, and the like—activities that might otherwise be inaccessible to its developmentally disabled, frail elderly, and mentally ill clients.  

“IFF has provided below market rate loans that have allowed us to be able to purchase vehicles for our programs that standard financing would have made cost prohibitive,” said Anne Foerster, director of operations. “Their low interest vehicle loan program has helped us to continue to be good stewards of the funds that we receive in order to provide quality care to the most vulnerable of our population.”

The Project of the Quad Cities is another organization that has used IFF vehicle financing.  Two cars will help them to expand their programs, providing HIV testing consultations, and a van will allow them to provide mobile HIV testing.  

Indiana: Anderson Preparatory Academy

IFF staff members recently attended the Anderson Preparatory Academy (APA) building dedication in Anderson, Indiana. APA is a military-style public charter school that integrates aviation and technology into the classroom. Middle school students participate in the Civil Air Patrol Cadet Program, a civilian volunteer organization sponsored by the U.S. Air Force, and high school students participate in Junior Reserve Officers' Training Corp (JROTC).

APA currently serves 420 students in grades 6-10 and plans to add 11th and 12th grades over the next two years. In order to accommodate the growth of the high school program, APA received a $950,000 loan from IFF for the acquisition and rehab of a second school building located about a mile away from their current facility.  

Outreach: Conference Season

IFF's outreach and active participation is recognized throughout the region, and includes our recent associate membership with Gateway Center for Giving, an association of grantmakers serving the St. Louis region. This fall, IFF continued that outreach at conferences across our five states, including the Philanthropy Midwest Conference in Kansas City; the Illinois, Indiana and Missouri Primary Health Care Association Conferences; AFP Partners in Philanthropy in Milwaukee; and the Illinois Governor’s Conference on Affordable Housing. 

At the Indiana Primary Health Care Association Conference, IFF's Vice President of Lending, Lucy Tuck and Senior Loan Officer, Steve Bricker presented on the topic of “Financial Resources for Health Center Expansion”.

At the Missouri Charter Schools Conference, IFF’s Director of Schools, Tanya Vartivarian presented on the topic of, "Financing and Facilities Planning for New and Start-up Charter Schools". 

In November, Kirby Burkholder, IFF’s Missouri director served on the "Facility Consulting: Balancing the Roles of Consultant and Lender" panel at the Opportunity Finance Network’s (OFN) Annual Conference in San Franciso, CA. He discussed how IFF, as both a lender and real estate consultant maintains the integrity of each service. Materials from the panel can be found here. 

To request a speaker for your event or organization, click here or contact IFF at 312-629-0060.

Technical Assistance: What is the US Green Building Council's LEED Rating System?

Sarah Moloney, Senior Project Manager in Real Estate Services continues our series of technical assistance worksheets and podcasts with What is the US Green Building Council’s LEED Rating System?

This month, learn about the US Green Building Council's Leadership in Energy and Environmental Design (LEED) rating system.