IFF

IFF is a nonprofit organization based in Chicago that provides specialized loans, assists real estate development, and utilizes research to strengthen the nonprofit sector and the communities that it serves in the Midwest. It is the largest nonprofit Community Development Financial Institution in the Midwest. With this award, IFF assists nonprofits to apply to the Payroll Protection Program (PPP), which offers forgivable loans to small businesses and organizations  that retain their staff in spite of the negative economic impact of the COVID-19 pandemic. IFF educates nonprofits on the PPP application process, refers applicants to a lending partner, and advises loan recipients on the process for obtaining forgiveness.

IFF is a nonprofit organization based in Chicago that provides specialized loans, assists real estate development, and utilizes research to strengthen the nonprofit sector and the communities that it serves in the Midwest. It is the largest nonprofit Community Development Financial Institution in the Midwest. IFF administers MacArthur's Arts and Culture Loan Fund. Through this program, qualified mid-sized arts grantees of the MacArthur Foundation have access to financial capacity building and low interest working capital loans. This award supports IFF’s effort to manage the Arts and Culture Loan Fund which includes coordinating the work of the two other collaborators in the program: MB Financial, which provides working capital loans, and Fiscal Management Associates, which provides financial management consulting.

IFF is a nonprofit organization that provides specialized loans, assists real estate development, and utilizes research to strengthen the nonprofit sector and the communities that it serves in the Midwest. IFF is based in Chicago and is active in Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Ohio, and Wisconsin. It is the largest nonprofit Community Development Financial Institution in the Midwest; it has originated loans for more than 1,300 projects and leveraged more than $1.9 billion in total capital for facilities such as child care centers, health clinics, and supportive housing for veterans and physically disabled individuals.

IFF is serving as the new program administrator for MacArthur's Arts and Culture Loan Fund (the Loan Fund). Established in 2009, the Loan Fund offers working capital loans to small and mid-sized MacArthur arts grantees to strengthen their financial stability. Loans are underwritten and monitored by financial institutions. An external consulting group recently conducted an evaluation of the Loan Fund for the Foundation, finding that the Fund was valued by grantees but in need of refinement. The Foundation responded to the evaluation by turning to  IFF and supporting it to oversee and streamline the program. As such, it will provide comprehensive oversight for all the activities of the Loan Fund and manage key relationships with the program’s collaborators. It is also serving, along with MB Financial, as a lending partner to grantees that apply to the Loan Fund. This award supports IFF’s efforts to manage the Arts and Culture Loan Fund. Grant funds support the relaunch of the Arts and Culture Loan Fund under a new structure, which includes the entry of two new partners, IFF and FMA, to the program.

A $1.0 million Program-related Investment unfunded guaranty to support the expansion of a program for working capital loans to nonprofit arts and cultural organizations in the Chicago area.

IFF, a large Chicago-based Community Development Financial Institution, provides lending, financial packaging, and real estate consulting and development services to Midwestern non-profit corporations, housing providers, and developers, will use this grant to prepare four proposals to Chicago Public Schools as part of the CPS Building Repurposing Project. IFF will provide technical assistance to each of the four community-based organizations that have plans for the use of the school building: it may acquire, redevelop and operate the property on behalf of the community organization, or help provide financing for the group to acquire the property itself.

This grant supports Impact 4, an affiliation of four of the nation’s largest Community Development Financial Institutions: IFF, Low Income Investment Fund, The Reinvestment Fund, and Capital Impact Partners, as they work collaboratively to develop new investment vehicles that allow for higher-scale investment and outcomes in their target geographies. This includes developing new financial products that may lead to increased investment in areas such as affordable housing, educational facilities development, and social service delivery; and opportunities for new types of investors that have not invested in community development before - individuals, donor advised funds, and pooled or participated foundation funds.

In support of planning and technical support for the development of a community facility in Chicago's Mid-South and Near West Side areas.

In support of planning and technical support for the development of community facilities in Chicago's Mid-South area.

In support of activities relating to community facilities development, particularly for mixed-income sites in Chicago.

For an assessment of the community facility needs of neighborhoods that include mixed-income redevelopment sites.

In support of strategic planning, policy research, and analysis (over three years).

To support policy, research, and technical assistance to increase the capacity of Illinois nonprofit groups to serve low-income children (over two years).

To develop plans to enhance early childhood care and education in low-income communities in Chicago.

To support the Community Asset Builder Initiative (over five years), and a program-related investment to support bridge loans to Chicago nonprofit organizations that are developing facilities (over 10 years).

To complete planning of the Real Estate Development Finance Initiative, to provide technical assistance and loan products to neighborhood-based social service organizations.

Program-related investment to support the growth of a loan program to help nonprofit organizations obtain long-term financing for facilities and equipment.

Program-related investment to expand child-care facilities, seeking to enrich early childhood educational opportunities and to allow more individuals to find employment.

In support of general operations of the Child Care Facility Development Program.