In This Issue
Welcome to IFF’s newsletter. IFF is a nonprofit lender and real estate consultant whose mission is to strengthen nonprofits and the communities they serve. We provide affordable, patient capital to help nonprofits grow, build their assets and become financially independent.
We are pleased to announce the selection of IFF President Trinita Logue to Chicago 2011's Government Reinvention and Budget Committee, one of eight that make up Mayor-elect Rahm Emanuel's Transition Team. The committee held its first meeting on March 15, at which Mayor-elect Emanuel encouraged members to consider improvements for how the city delivers services to families and businesses.
This month marks the final in our series of podcasts on providing nonprofits with green solutions. We complete the series with Incentives for Building Green.
Missouri: Missouri New Markets Tax Credit Loan Pool
The Missouri New Markets Tax Credit Loan Pool opened this month. The loan pool is a collaboration between Central Bank of Kansas City Community Development Entity (which provided the NMTCs), U.S. Bancorp Community Development Corporation (USBCDC, which purchased the NMTCs, providing capital for the loan pool), and IFF (which provided additional capital and will underwrite and manage all loans funded through the pool).
IFF’s loan pool is particularly innovative in that it brings the benefits of NMTC financing—low-rates, 7-year terms and interest-only payments—to community development projects that are typically too small to take advantage of the NMTC Program. The NMTC Program permits taxpayers a credit against their federal income taxes for making equity investments in qualified entities that target specific low-income areas for investment. Nationwide, more than $20 billion in private capital has been invested through the NMTC Program.
The program is open to nonprofits in Missouri and the metropolitan areas of Kansas City in Kansas and St. Louis in Illinois. For more information on the program, or to find out if your nonprofit qualifies, contact Kirby Burkholder at 314 588 8840.
Illinois: Housing Collaborative Announces Maywood Apartments
On March 10, members of the West Cook County Housing Collaborative gathered to break ground on The Maywood Apartments. Representatives of Bellwood, Berwyn, Forest Park, Maywood and Oak Park were joined by Cook County Board President Toni Preckwinkle and Economic Development Bureau Chief Maria Saldana to celebrate the creation of 26 units of affordable housing.
The Collaborative was formed to increase access to quality, affordable housing in West Suburban Cook County. IFF was contracted by the Collaborative to apply for Neighborhood Stabilization Program (NSP) funding on its behalf. Taking an innovative approach to the program, IFF filed a single application to support the housing needs of the sub-region rather than applying for each individual municipality.
“The Collaborative is an innovative way for smaller municipalities to capture funding opportunities typically available only to larger jurisdictions,” said Joe Neri, CEO of IFF. “Developing and preserving quality, well-managed affordable workforce housing strengthens these communities. IFF is proud to be a part of the project,” Neri said.
Wisconsin: Fox Cities Community Health Clinic
Fox Cities Community Health Center, Inc. (FCCHC) is a Federally Qualified Health Care Clinic that serves low-income patients in Outagamie, Winnebago, and Calumet Counties located in northeastern Wisconsin.
As one of the only Medicaid eligible dental service providers north of Milwaukee, the clinic had to turn away 25 to 50 patients per day due to staffing and space constraints. In an effort to meet the dental care needs for a growing number of low-income Fox Cities residents, the clinic set out to add a new dental clinic.
IFF provided a much-needed loan of $758,000 to build out a state of the art facility and purchase dental equipment for eleven operatories. FCCHC anticipates that the clinic will increase patient visits by 10,000 visits in the first year and create 20 new jobs for the community.
According to Kristene Stacker, FCCHC executive director, “We were very fortunate to be introduced to the IFF team. IFF worked with us to understand our financial needs, our project and the positive impact it would have on the health of our community. IFF has worked with us throughout our project, helping to turn our dream of dental access into a reality.”
Research: Lake County Community Foundation
In 2010, The Lake County Community Foundation approached IFF to undertake a landmark project to gather data from the Lake County nonprofit sector in order to better understand the service needs of residents, and the capacity of the county's health and human service sector to meet those needs. IFF conducted the research and provided the maps for the resulting data.
The project is the first to map service provision by agency as well as the areas where severe service gaps exist. The maps are used as a tool to increase awareness about the geographic distribution and magnitude of the needs faced by Lake County's diverse and changing populations. Key findings included:
- There are limited primary health care options in the western part of the county. Of the available options, most are preventive screenings provided through mobile programs or at off-site locations.
- Transportation is the biggest reported barrier to services and very few nonprofit clients are accessing services via public transportation.
For more information on this study, or IFF's Research services, contact Jose Cerda at 866 629 0060.
Schools: IFF Credit Enhancement Program
In addition to making affordable loans to schools through our Lending program, IFF is able to assist charter schools seeking financing of over $1.5 million through its Charter School Credit Enhancement program. Through two grants totaling $18 million from the U.S. Department of Education, IFF can assist charter schools obtain bank debt, tax exempt bond financing, and other financing structures by providing a debt reserve of up to 10 percent of the financed amount. IFF has successfully pledged $11.2 million of its credit enhancement, which has enabled our customers to leverage nearly $153 million in financing.
IFF's real estate services group has constructed or renovated more than 715,000 square feet of space for schools, creating 5,110 student seats.
As you identify facility projects, keep in mind that IFF provides long-term loans and financial packaging in our five-state region. In certain markets, IFF also helps schools plan, find, and develop spaces.
To speak with an IFF Schools team member, call 866 629 0060 or email Tanya Vartivarian, IFF's director of school services.
Podcast: Financial Incentives for Building Green
This month, Sarah Moloney, senior project manager for real estate services provides Part One and Part Two of the final podcast in a series focused on green solutions for nonprofits. With Incentives for Building Green, she highlights "rocket science," "state of the art," and "state of the shelf" green technologies.