November 2025 Loan Round-up December 1, 2025

In November, IFF closed loans totaling approximately $25.4 million for community-driven projects in the Midwest. We’ve included information below about many of the loans and what the organizations that received them are doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.

Alcuin Montessori School

IFF closed a $3 million loan that enabled Alcuin Montessori School (Alcuin) to refinance existing debt from IFF and a traditional lender associated with the school’s development in 2018 of a new facility in Oak Park, IL. Serving 220 students across two campuses, Alcuin was founded in 1961 with a mission to create a child‐centered learning environment built on the trust in the natural development of each child’s mind and spirit. Refinancing will help the organization save more than $70,000 annually on debt service, supporting its goal to increase the amount of financial aid provided to families enrolled in its programs.

Detroit Achievement Academy

IFF closed a $2.5 million loan that refinanced two outstanding QALICB notes held by IFF and Capital Impact Partners used to finance the renovation of public charter school Detroit Prep in 2018. Operated by Detroit Achievement Academy (DAA) and located in Detroit’s Pingree Park neighborhood, Detroit Prep serves 473 students and is the highest performing K-8 public charter school in Detroit. The school operates in a 43,500-square-foot building that has 21 classrooms on three levels, a kitchen, a cafeteria, and a small gathering place. DAA was a national finalist in 2023 for the prestigious Yass Prize, in recognition of the 500 percent increase in property values that Detroit Prep has catalyzed in the community where it’s located. This increase has created wealth for local homeowners in a community that previously experienced widespread disinvestment. To learn more about IFF’s work with DAA, which our first borrower in Michigan after expanding to the state in 2014, read this Q&A with DAA Founder Kyle Smitley and this story celebrating IFF’s first 10 years of impact in Michigan.

Chicago House

IFF closed a $650,000 loan that provided nonprofit Chicago House with financing for the development of 24 units of scattered-site permanent supportive housing on previously vacant lots in Chicago’s East Garfield Park neighborhood. Founded in 1985, Chicago House responds to the needs of those impacted by HIV/AIDS in Chicago, serving more than 3,000 people annually through programs focused on housing, health, and employment. The organization’s East Garfield Park Homes project will provide individuals and families living with HIV with quality housing across four buildings with one, two-, and three-bedroom apartments. Each of the six-flat buildings will have secured entry, parking, backyards with green space, and on-site supportive services in ground floor office space to help residents achieve their goals. Prioritizing energy efficiency, the all-electric properties will be built using green-certified construction materials and feature high-performance windows, air sealing, high-efficiency lighting, and Energy Star-rated appliances. All of the apartments will be affordable to residents earning 30 percent or less of the Area Median income, and 24 of the units will have rental assistance through the City of Chicago’s Housing Opportunities for Persons with AIDS (HOPWA) program.

In addition to IFF’s loan, sources of funding and financing for the $13.1 million project include Illinois Housing Development Authority HOME funds; loans from the Illinois Affordable Housing Trust Fund and City of Chicago Trust Fund; grants from ComEd, the Pritzker Community Health Initiative, Schreiber Philanthropy, and the Federal Home Loan Bank of Chicago; and Illinois Affordable Housing Tax Credit equity. The project will create 25 temporary construction jobs and 15 permanent jobs.

Goodwill Northern Michigan

IFF closed a $6.5 million loan through the Michigan Affordable Housing Loan Program to facilitate the acquisition and renovation of the East Bay Flats permanent supportive housing development in Traverse City, MI. Being redeveloped by Goodwill Northern Michigan (GWNMI), the 64-unit property currently houses residents earning 60 percent or less of the Area Median Income (AMI) and residents who previously experienced homelessness in permanent supportive housing units that are affordable to those earning 30 percent or less of the AMI.

The redevelopment includes updating HVAC systems, windows, corridors, and exterior siding, as well as the addition of a community room and offices. All residents of the resulting 64 permanent supportive housing units will have access to on-site supportive services provided by GWNMI, which was established in 1972 and is a leading social enterprise and service agency in the region. In addition to IFF’s loan, funding for the $13.7 million project include Low Income Housing Tax Credits allocated by the Michigan State Housing Development Authority, along with a GWNMI equity note and loan, among other sources.

Teachers Like Me

IFF closed a loan of approximately $2.84 million that provided nonprofit Teachers Like Me with the capital needed to acquire lots in Kansas City, MO, where the nonprofit will develop eight housing units. Formed in 2020, Teachers Like Me is dedicated to recruiting, developing, and retaining quality Black teachers in public education systems in the Kansas City area, and the new housing will support the organization’s ability to provide out-of-state teachers recruited to Kansas City with affordable housing options. In addition to supporting its programmatic goals, the new units will provide Teachers Like Me with rental income of $6,400 per month, providing a new source of revenue to support its operations. IFF previously provided a loan to Teachers Like Me in March 2023 that enabled the organization to purchase and complete minor renovations to a single-family residence in Kansas City that now provides quality rental housing at an affordable rate to Black teachers working in public education systems in the metro area.

Vita Investment Holdings

In November 2025, IFF closed a $1 million loan that provided a subsidiary of Vita Investment Holdings (Vita) with predevelopment financing for an assisted living housing project for older adults (ages 55+) in New Haven, IN, that’s part of a larger senior housing campus. Vita is an award-winning, full-service developer, owner, and management company that has developed or acquired more than 15 million square feet of real estate across varying commercial and residential categories in the past 20 years. The development being financed will include 120 total units, 100 of which will be affordable to residents earning 60 percent or less of the Area Median Income and 20 of which will be rented at market rate. Eighty of the units will be assisted living apartments, while 40 will be assisted living/memory care apartments for residents with Alzheimer’s or dementia. The project is planned in such a way as to be cost-competitive to the local senior housing market in terms of ultimate price to the consumer, with the intention of competing favorably on both place and price. All apartments will include electric utilities and EnergyStar appliances.

Anticipated sources of permanent funding and financing for the $41.8 million project include 4% Low Income Housing Tax Credits allocated by the Indiana Housing & Community Development Authority (IHCDA), tax-exempt bonds, a permanent loan, and capital from the IHCDA Development Fund, among others. IFF previously provided predevelopment loans to Vita for projects in Westfield, IN, and Lafayette, IN, as well as 131 age-restricted units for older adults able to live independently on the same 10-acre campus in New Haven.