IFF has been building and financing affordable housing projects for the underserved since 2005, expanding the program as demand increases and needs change.
- Lending and real estate consulting for affordable housing projects started in 2005 and specialized housing loan products were introduced in 2008. Today, IFF’s affordable housing loan program supports affordable housing developers through low-cost, flexible financing for real estate projects in Illinois, Indiana, Iowa, Missouri, and Wisconsin.
- In 2009, IFF was awarded $12.27 million in Neighborhood Stabilization Program (NSP) funds from both the State of Illinois and Cook County, Illinois to rehab vacant properties for supportive housing in nine Illinois counties. IFF works very closely with several supportive services providers to ensure that these units targets the most vulnerable individuals.
- In 2011, IFF embarked on a number of housing and community development initiatives:
—IFF launched the West Cook Housing Collaborative, a consortium of five west suburban municipalities working together to increase affordable homeownership options near public transit, an effort backed by $7.3 million in federal funds.
—IFF received a $5.5 million low-cost loan and operating grant from Bank of America to expand its efforts to finance energy efficient retrofits for charter schools, nonprofit community facilities, and multifamily affordable housing in the Chicago Metro region.
—IFF joined the Federal Home Loan Bank of Chicago, providing access to affordable capital for housing lending.
—And, IFF created Home First Illinois, a program focused on the development and ownership of integrated housing for people with disabilities.