In December, IFF closed loans totaling approximately $20.6 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.
Can-Do Kalamazoo
IFF closed a loan of approximately $923,000 that provided Can-Do Kalamazoo (CDK) with the capital needed to complete phase one of tenant improvements to its leased facility in Kalamazoo, MI. Established in 2007 to support local food entrepreneurs, the nonprofit today serves as an entrepreneur hub and incubator kitchen that guides entrepreneurs through the launch and growth of their businesses – with a particular focus on supporting underrepresented groups. To accomplish this, Can-Do Kalamazoo offers a wide range of programming designed to help launch small businesses and scale existing businesses, shared commercial kitchen space, and coworking space. To support the organization’s growth, CDK recently began leasing a new facility owned by another local nonprofit and is completing renovations that include the addition of a 4,100-square-foot commercial kitchen, conference rooms, coworking space, a classroom, CDK staff offices, and a multipurpose event space. Additional sources of funding and financing for the $1.95 million project include agency equity, public and private grants, individual donations, and corporate support.
Cardinal Capital Management
IFF closed a $3 million loan that will support the development of 71 units of affordable housing for seniors and adults with intellectual and developmental disabilities in Milwaukee, WI. A partnership between Cardinal Capital Management and Trinity Housing Resources (THR), the multifamily development will serve residents earning 60 percent or less of the Area Median Income (AMI). The development will include one- and two-bedroom apartments, and a community room. Twenty-three of the units will be subsidized, and the property also will include six market rate units. The project is being designed to Wisconsin Green Built Home Standards and will incorporate an array of universal design features. Additional sources of funding and financing for the $19.1 million project include 9% Low Income Housing Tax Credits (LIHTC) purchased via syndicator The Richman Group, a grant and soft funds from the Wisconsin Housing and Economic Development Authority (which is also participating in IFF’s loan), and an Affordable Housing Program (AHP) grant, among others.
Essential Families
IFF closed a loan of approximately $242,000 to enable Essential Families’ acquisition of a 3,400-square-foot property in Kansas City, MO, that the nonprofit previously leased. The organization plans to continue a renovation of the facility that began in 2022 to scale its operations by adding offices, meeting space, and a small kitchen, among other upgrades. Essential Families provides a variety of programming designed to support children and families, including a digital equity program designed to stabilize children and families by leveraging affordable and reliable broadband internet, digital workforce development services to enable participation in the digital economy, and youth mental health, parenting, telehealth, and essential basic resources for youth, families, and seniors. Additional sources of funding and financing for the $627,000 project include agency equity and a grant from the City of Kansas City.
Family Assistance for Renaissance Men
IFF closed a $150,100 loan that provided Family Assistance for Renaissance Men (F.A.R.M.) with financing for the acquisition of the nonprofit’s headquarters in Detroit, MI, which the organization previously leased. The loan will also provide F.A.R.M. with a small amount of working capital. Founded in 2013, F.A.R.M. provides mentorship and support to men – particularly those who have previously been incarcerated – to strengthen their relationships with their children and families. The 7,000-square-foot facility includes offices, a classroom, kitchen, dining area, and restrooms. F.A.R.M. will complete minor renovations to the facility to further optimize it for its programming.
Neighbors In Care Of
IFF closed a $50,000 flex loan that provided Chicago-based not-for-profit ATD Neighborhood Relief Coalition, Inc. with working capital to bridge rent payment assistance program operations. Doing business as Neighbors In Care Of (NICO), the organization is a member of Chicago’s continuum of care and is contracted to operate a rapid rehousing program. Founded in 2020, NICO’s work connects Chicagoans experiencing housing insecurity with resources and care planning. Beyond the contracted work, NICO’s service model is rooted in case management, with team members trained to specialize in housing. The organization’s mission is to advocate for and administer programs that provide equitable access to quality assistance.
Oak Grove Development Corporation
IFF closed a loan of approximately $5.17 million that provided Oak Grove Development Corporation (a subsidiary of the Housing Authority of Champaign County) with financing for the renovation of Steer Place Apartments in Champaign, IL. With 108 apartments affordable to residents earning 60 percent or less of the Area Median Income (AMI), Steer Place serves adults ages 55 and up. Planned renovations to the property include the redesign of kitchens to open each apartment’s floor plan, the installation of new kitchen cabinets and counter tops, the replacement of plumbing fixtures, tile work in bathrooms, new light fixtures, and changes to improve air flow within the units. The rehab also will revitalize unused spaces within the building to offer a business center/computer lab, exercise facility, and a library. Additional sources of funding and financing for the $25.3 million project include 9% Low Income Housing Tax Credits (LIHTC) purchased via Redstone, an Affordable Housing Program (AHP) grant, and Urbana ARPA funds.
The Difference Principle
IFF closed a $350,000 loan that provided The Difference Principle with financing to purchase and renovate a 14,400-square-foot facility in Milwaukee, WI, that will serve as the nonprofit’s headquarters. With additional financing provided by Associated Bank, the $4.1 million project will offer space for the organization, founded in 2013, to provide management and administrative services to nonprofits. The Difference Principle primarily serves two affiliates, Sirona Recovery and JusticePoint. Sirona Recovery provides case management, psychotherapy, and treatment to individuals diagnosed with a mental health or substance use disorder. JusticePoint provides support services related to the criminal justice system, such as assisting with pre-trial screening, court ordered electronic monitoring, substance monitoring services, incarceration alternatives, and post-conviction case management, as well as peer support and consulting services to reduce recidivism. Renovations to The Difference Principle’s new facility will include replacing an existing freight elevator with a passenger elevator, installing a new stairwell to meet the local fire code, adding new interior doors and walls, replacing flooring, updating plumbing, installing a new HVAC unit, completing electrical work, and exterior masonry and roof repairs.
The S.T.A.R. Chapter Foundation
IFF closed a $172,500 loan that provided The S.T.A.R. Chapter Foundation (SCF) with the capital needed to renovate the second floor of the organization’s facility in Cincinnati, OH. The nonprofit plans to complete these renovations so that it can house workshops, small community group activities, tutoring, counseling, or other services supporting the greater community. The renovation will create two offices, a conference room, a kitchenette, and a multipurpose room. SCF was established in 2014 by the Beta Iota Chapter of the Omega Psi Phi Fraternity to provide scholarships to students in the Cincinnati area.
Tags: : Capital Solutions, Community Development, Health Care, Housing, Loan Round-ups, Workforce Development, Youth Services