December 2025 Loan Round-up January 1, 2026

In December, IFF closed loans totaling approximately $17.8 million for community-driven projects in the Midwest. We’ve included information below about several 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.

Courage+

IFF closed a $330,000 loan that enabled Courage+ to acquire a 1,609‑square‑foot single‑family home in Milwaukee, WI. The property will be operated as a group home for LGBTQ+ youth in the foster care system. Founded in 2015, Courage+ is the resilient, evolutionary family of change agents for LGBTQ+ youth that cares for the full person to help them turn internal safe spaces into external brave spaces.

The organization currently operates two housing facilities in Milwaukee—one with five beds and another with six beds. The newly acquired facility will replace the existing five‑bed residence and expand the organization’s capacity to an eight-bed facility. Courage+ will transition young people from the current five‑bed home into the newly purchased eight‑bed facility, resulting in a net increase of three beds within its transitional housing program.

Dwelling Place

IFF closed a $4.45 million loan through the Michigan Affordable Housing Loan Program to facilitate the development of Kollen Park – Hope Housing Development in Holland, MI, which will provide 52 units of housing affordable to residents earning 30 to 80 percent of the Area Median Income. The project is a joint venture between Dwelling Place, Community Action House, and the Little River Band of Ottawa Indians. The new rental units will be split between a three-story building with 32 one- and two-bedroom apartments and a two-story building with 14 one-bedroom apartments. Eleven of the units will be reserved for members of the Little River Band of Ottawa Indians and citizens of other federally recognized Native American tribes and an additional 11 units across the two sites will utilize Section 811 Project Rental Assistance and be designated for households with disabilities.

Both sites are conveniently located in a walkable, transit-accessible area near stores, restaurants, entertainment, and greenspace. Residents will benefit from amenities that include an activity room with a kitchen, a meeting room, bike storage, controlled entry with intercoms, key fob access, on-site management, and more. The project is being developed with energy efficiency and environmental resiliency in mind, represented by on-site electric vehicle charging stations, low-flow water fixtures, Energy Star windows and appliances, and real-time energy tracking, among other examples. Additional sources of funding and financing for the $17.35 million project include 9% Low-Income Housing Tax Credits and loans from Macatawa Bank and Dwelling Place.

Firebird Community Arts

IFF closed a loan of approximately $5.12 million that will help to facilitate Firebird Community Arts’ (Firebird) development of a new, 12,500-square-foot facility in the East Garfield Park neighborhood on Chicago’s West Side. Firebird focuses on using art as a tool for healing and trauma recovery and partners with schools, hospitals, medical centers, and social service centers throughout Chicago to offer therapeutic artmaking, mentoring, trauma support, and employment. Currently operating in a leased, 3,900-square-foot facility, Firebird’s new headquarters will enable expanded programming, greater reach and deeper impact among priority populations, and enhanced capacity for healing-centered art practices. Additionally, the new facility will enable Firebird to significantly increase earned revenue through expanded event hosting and program delivery.

The organization’s new facility will include state-of-the-art glassblowing and ceramics studios; gallery and retail space; classrooms, meeting rooms, and administrative offices; studios available for rent; and outdoor gathering space and a healing arts garden. Additional sources of funding and financing for the $11.36 million project include federal and state New Markets Tax Credits allocated by Enhance Capital (with U.S. Bank serving as the equity investor), a City of Chicago Recovery Plan grant, private donations, and agency equity. IFF previously provided Firebird with a $150,000 line of credit in March 2023 through the MacArthur Arts and Culture Loan Fund that the organization used to support predevelopment activities ahead of the acquisition of the property where its new facility will be located.

Interfaith Housing Development Corporation

IFF closed a $625,000 construction loan that will enable Interfaith Housing Development Corporation (IHDC) to renovate a ground floor commercial space at the organization’s Fifth Avenue Apartments in Maywood, IL. IHDC was founded in 1992 and develops and operates long-term affordable housing properties throughout the Chicago metro area. Fifth Avenue Apartments provides 72 units of rental housing affordable to residents earning 50-60 percent of the Area Median Income. Renovations to the ground floor will facilitate the opening of a grocery store in the 5,500-square-foot space that will be operated by a local retail partner. The store will offer fresh, affordable food in a community that the U.S. Department of Agriculture classifies as a “food desert,” ensuring that residents and community members have convenient access to fresh groceries. IHDC will provide rent subsidies to the grocery store operator to ensure the store’s long-term success. Additional sources of funding for the $1.66 million project include agency equity and a grant from The Chicago Community Trust.

Refuge & Restoration

IFF closed a bridge loan of approximately $283,500 that provided nonprofit Refuge & Restoration (R&R) with liquidity while awaiting a Community Development Block Grant awarded to the organization for rehab work at Brilliant Angels Academy, R&R’s early childhood education center in Florissant, MO. Renovations to the facility included demolition, framing and drywall, fire protection, plumbing, HVAC, and electrical work. The ECE center currently serves 27 children and now has the capacity to serve up to 117 children. Established in 1999, Refuge and Restoration was created to address pervasive economic and social distress impacting the community, with the organization operating a marketplace that is home to several economic and community development service providers, in addition to Brilliant Angels Academy. IFF previously provided R&R with a $50,000 Flex Loan in October 2025 that enabled the organization to complete roof repairs and minor upgrades to the R&R Marketplace facility.