Investors and Funders: CDFI Fund

In August, IFF received an award of $750,000 in capital from the U.S. Treasury Department’s Community Development Financial Institution (CDFI) Fund. This money, the maximum awarded by the fund this year, will allow IFF to increase our below-market facilities and equipment lending to nonprofit corporations serving low-income communities throughout the Midwest.

Trinita Logue, IFF President and CEO had this to say about the award, “This unrestricted capital is one of the most important forms of funding available to CDFIs in the nation. The CDFI Fund has again shown deep commitment to its mission of serving low-income communities, as for every dollar from the CDFI Fund grant program, IFF will be able to leverage at least four more.”

Real Estate Services: Illinois Primary Health Care Act Capital Roll-out

In partnership with Illinois Primary Health Care Association, IFF is offering real estate services to community health centers (CHC) in Illinois that are applying for the recently announced state capital funds. This is the first time in Illinois that the state has dedicated capital funds to CHCs. IFF is offering assistance in completing the funding application due November 1. To take advantage of this assistance, contact us at 312 629 0060 or general@iff.org by October 1.

Since 1994 when IFF made its first loan to a community health center, we have helped to increase capacity by more than 140,000 patient visits by providing more than 60 loans totaling nearly $30 million to health care nonprofits. Erie Family Health Center in Chicago is one of IFF's current CHC projects. IFF is serving as Erie's real estate consultant and financial partner, having made three below-market rate loans for renovation and acquisition projects, including the development of a dental clinic.

Illinois: Black Ensemble Theater Breaks Ground, Barriers

Illinois Governor Pat Quinn and Chicago Mayor Richard M. Daley were joined by IFF staff members and more than a hundred attendees as the Founder and Executive Director of Black Ensemble Theater (BE), Jackie Taylor broke ground on BE’s new cultural center in Chicago’s Uptown neighborhood. Taylor was lauded by each speaker for BE’s mission to eradicate racism and its damaging effects upon our society through the utilization of theater arts.

IFF is providing BE with Owner’s Representative services throughout the project which includes coordinating bids and subcontractors, as well as monitoring the development of the building. The new BE cultural center is projected to open in fall of 2011.

Indiana: The Bloomington Project School

IFF provided financing to Indiana-based Bloomington Project School (The Project School) for $1.16 million. This enabled the school to renovate its leased space, purchase instructional and technological equipment, and add 9,000 square feet to accommodate growth.

The loan was the first project funded through a recent $9.5 million New Markets Tax Credit (NMTC) investment provided to IFF by JPMorgan Chase. This particular funding source is available to IFF borrowers operating in qualified very low-income census tracts.

The Project School is a K-8, teacher-designed model that uses project-based learning. It integrates the surrounding community into programming through the curriculum and community partnerships, such as the Boys & Girls Club, Indiana University, and RISE battered women's shelter.

Missouri: Carondolet Leadership Academy Charter

IFF provided Carondelet Leadership Academy (CLA) with two loans totaling $900,000. CLA is operated by American Quality Schools, a regional Educational Management Organization. The loans will fund leasehold improvements of the facility as well as classroom furniture and computer and telephone equipment.

The Carondelet Leadership Academy is a K-8 charter school which will grow to serve 450 children. The property is located adjacent to the 5th and 6th ranked zip codes in terms of need for performing schools as indicated in IFF's recent report St. Louis: Place, Performance, and Promise. This project was featured in the report as an important solution to meet the acute need for quality education in south St. Louis.

Technical Assistance: Can I Green My Existing Building?

David Reynolds, Director of Real Estate Services provides podcasts on "Greening your Building". The final installment of "Can I green my existing building?" will come in October, and the series will continue through the end of the year with "What’s this LEED thing I keep hearing about?", "Does green have to cost more?", and "Are incentives available for greening my building?".

Policy: Illinois Partners for Human Services Asks Nonprofits to Complete IDHS Survey

A work group of the Illinois Partners for Human Services participated in developing a survey for the Illinois Department of Human Services to identify areas of overlap in the financial, organization and governance, administrative and human resource, and program areas.

The results of the survey will be reviewed by a steering committee that is being appointed by the DHS Secretary. Responses are needed no later than October 11, 2010.

To complete the survey, click here.