Press
Chicago, IL (January 16, 2026) – IFF, a Community Development Financial Institution (CDFI) recognized nationally as a mission-driven lender, real-estate consultant, and community developer for Midwest nonprofits, was recently allocated $85 million in New Markets Tax Credits (NMTC) through the U.S. Department of the Treasury’s CDFI Fund. This is the eighth and largest award IFF has received since 2002.
IFF was among 142 organizations selected for the CDFI Fund’s historic $10 billion 2024-2025 round, the largest in the program’s history. These allocations will leverage billions of dollars more in private capital to multiply the impact of federal investment, supporting sectors such as housing, manufacturing, health care, and small business development, particularly in rural communities and urban areas where there has been limited private investment.
“This allocation will enable IFF to continue providing nonprofits across the Midwest with New Markets Tax Credits that have time and time again proven to be an essential tool for boosting local economies, expanding access to vital services, and, more broadly, strengthening communities.”
“This allocation will enable IFF to continue providing nonprofits across the Midwest with New Markets Tax Credits that have time and time again proven to be an essential tool for boosting local economies, expanding access to vital services, and, more broadly, strengthening communities,” said IFF’s managing director of structured finance, Marina Titova. “We appreciate the tireless work of those at the Department of the Treasury and the CDFI Fund who made this year’s record-breaking allocation possible, as well as the many members of Congress representing Midwest states who have advocated for the NMTC program and voted to ensure that it remains an essential tool for revitalization in rural, urban, and Native communities.”
IFF’s NMTC program funds real estate developments in Midwest communities that meet income and unemployment guidelines set by the federal government and deliver transformative, sustainable community impacts. IFF seeks to allocate NMTCs to facility projects that will catalyze business growth, increase access to much needed services, and positively impact the economies of the communities where they’re located.
Since its inception in 2000, the NMTC program has facilitated $143 billion in total development financing, supporting more than 8,900 businesses and creating 1.2 million jobs nationwide. IFF has received $398 million in federal NMTCs and deployed $313 million in federal and more than $30.3 million in state NMTCs, which has supported the development of 52 community-driven facilities and hubs across the Midwest totaling more than 3.1 million square feet. Collectively, the projects have supported nearly 4,400 construction jobs and more than 3,800 permanent, full-time jobs.
In addition to providing an important economic boost in the communities where the facilities are located, the projects have ensured that nonprofits have quality facilities in which to offer housing, health care, education, workforce development, youth services, and other community-strengthening programming. Now a permanent fixture of the tax code following passage of The One, Big, Beautiful Bill Act (Public Law 119-21) in July 2025, the NMTC program has proven to be a cornerstone of job creation and community revitalization across the United States.
To learn more about IFF’s NMTC program, click here.
Media Contact: Laura Silverman, Managing Director of Communications | lsilverman@iff.org, 312-668-8271