February 2026 Loan Round-up March 1, 2026

In February, IFF closed loans totaling approximately $10.6 million for community-driven projects in the Midwest. We’ve included information below about 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.

Access Madison County

IFF closed a $1.2 million loan that funded Home First’s acquisition costs related to Access Madison County, a 28-unit affordable housing community in Edwardsville, IL. Home First is an in-house development group at IFF tasked with establishing new models of housing for people with disabilities while revitalizing vacant or underutilized properties in Illinois. All 28 of the units developed through Access Madison County will include universal design features to increase accessibility for residents, and eight units on the ground floor of the facility will be fully accessible for resident with disabilities. The development is being designed to meet the most current Enterprise Green standards, with Energy Star ratings throughout all systems, and to comply with Zero Energy Ready Home Certification. All units will be affordable for residents earning 60 percent or less of the area median income (AMI), and eight of the units will be set aside for households earning less than 30 percent AMI. Additional sources of funding and financing for the $12.1 million project include 9% Low-Income Housing Tax Credits allocated by the Illinois Housing Development Authority, a private first mortgage, Capital Magnet Funds, and an allocation of Congressionally Directed Funding from Senator Tammy Duckworth’s office.

Clean Community

IFF closed a $300,000 loan that will facilitate nonprofit Clean Community’s installation of solar panels on 13 homes and two commercial buildings in the Chicagoland area as part of the Illinois Solar for All program (ILSFA). Established in 2017, Clean Community offers programs focused on solar, wind energy training, HVAC, mentoring, and job readiness—providing hands-on experience that prepares youth, returning citizens, and underemployed individuals for sustainable careers. By installing solar panels through ILSFA, participating homes will reduce their energy bills by 50 percent or more, enabling families to redirect their income toward other essential needs such as food, health care, wellness and education. By participating in ILSFA, Clean Community will be reimbursed for each completed solar installation. IFF previously provided a loan to Clean Community in 2023 to acquire a property on Chicago’s West Side in the Austin neighborhood to develop a solar, wind energy and HVAC training center designed to support the development of a workforce capable of working in renewable energy fields.

Cleveland Public Theatre

IFF closed a $5.4 million bridge loan that will enable Cleveland Public Theatre (CPT) to proceed with facility renovations while awaiting payment on multi-year grants pledged to the nonprofit cultural institution. Founded in 1981 and located in Cleveland, Ohio’s Detroit-Shoreway neighborhood, CPT runs original theater seasons, free youth programming, and artist employment pipelines that center racial equity and community empowerment. Renovations across CPT’s multi-building campus will include accessibility improvements, rebuilding of backstage and production spaces, modernization of theatrical infrastructure, and upgrades to classrooms and community programming areas. Once completed, the renovations will enable CPT to increase its reach and capacity, in addition to creating new employment opportunities. The project is expected to create new jobs, while also helping CPT serve more than 1,000 members of the community each year—roughly triple its current reach. The project will also position CPT to act as a stronger anchor in the community where it’s located, helping to catalyze additional investment in the neighborhood.

Additional sources of funding and financing for the $14.7 million project include New Markets Tax Credits allocated by Northeast Ohio Development Fund (NEODF), with PNC New Markets Investment Partners serving as the equity investor, agency equity, and a capital campaign supported by a multitude of private foundations, corporations, and individuals.

Collaboraction Theatre Company

IFF closed a $150,000 loan for Collaboraction Theatre Company (CTC) through the MacArthur Foundation Arts & Culture Loan Fund (ACLF) to support the nonprofit’s transition to a newly renovated space in the Kimball Arts Center in Chicago’s Humboldt Park neighborhood. Established in 1995, CTC creates original theatrical experiences that push artistic boundaries to explore critical social issues with a diverse community of Chicagoans. IFF’s loan will bridge cash flow gaps and enable the nonprofit to complete final leasehold improvements to its new space, which will provide the community with a permanent, fully accessible theatre and cultural hub that prioritizes BIPOC voices, creates jobs for local artists and technicians, and offers youth arts programs, performances, and community events.

Evergreen Real Estate Development Corporation

IFF closed a $998,000 loan Evergreen Real Estate Development Corporation (Evergreen) to facilitate predevelopment work by ahead of a substantial rehabilitation of Hidden Glen Apartments in Bourbonnais, IL. The development, which includes 128 two-bedroom apartments spread across 19 buildings, was built in 1972 and last updated in 2008. Units are affordable to residents earning 60 percent of less of the Area Median Income. Planned upgrades will include roof replacement; upgrades of the building’s mechanical, electrical and plumbing systems; heating and ventilation updates; replacement of through-wall air conditioning units; a refresh of common areas; new lighting; in-unit kitchen and bath renovations; generator work; elevator refurbishment; and other common area and in-unit upgrades. The redevelopment plan will be funded with 4% Low-Income Housing Tax Credits and a permanent loan, among other sources. A longtime IFF borrower, Evergreen has replicated this type of rehabilitation of affordable living communities throughout the country.

Eye Housing Solutions

IFF closed a loan of approximately $32,800 to provide Eye Housing Solutions with the capital needed to complete predevelopment work for Aljunia Springs, a new, 28-unit affordable housing community in Mount Vernon, IL. IFF’s Home First is serving as a co-developer for the project, which will include duplexes, quadplexes, and townhomes. All units will be affordable to residents earning 60 percent or less of the Area Median Income (AMI), with 25 percent of the units affordable to residents earning less than 30 percent AMI. Designed to be family-friendly, the development will include amenities such as in-unit laundry, a fitness room, outdoor play area, walking path, and off-street parking. Aljunia Springs will also be designed to meet the most current Enterprise Green Communities standards and align with Zero Energy Ready Home Certification, with Energy Star-rated systems throughout.

Invest Midwest CRE

IFF closed a $700,000 loan that financed Invest Midwest CRE’s acquisition of Del Ray Senior Pavilion in Detroit, MI. Invest Midwest was founded with the goal to develop new affordable housing and preserve existing affordable housing stock, which the organization accomplishes by leveraging affordable housing grants and Low-Income Housing Tax Credits to provide deep affordability and financially secure buildings that will last years into the future. Del Ray is a 73-unit housing community affordable to seniors earning at or 60 percent of the Area Median Income. The property includes a wide variety of on-site amenities, including a doctor’s office, business center, salon, outdoor courtyard, community rooms, and an exercise room. Eligible residents also have access to a food assistance distribution program. As the property owner, Invest Midwest CRE will stabilize operations at Del Ray to ensure the development continues to serve as a high-quality, affordable housing option for local seniors. Additional funding sources for the $2.8 million acquisition include a City of Detroit HOME loan and owner’s equity.

PRISM Economic Development Corporation

IFF closed a loan of approximately $149,000 to provide PRISM Economic Development Corporation (PRISM) with liquidity after the nonprofit’s purchase of new kitchen equipment, furniture, and fixtures needed to support the organization’s programming. Founded in 2011 and located in the Sherman Park neighborhood of Milwaukee, WI, PRISM’s work focuses on food-related economic development, with the organization providing community members with access to resources to help them find employment or become entrepreneurs. The organization’s recent purchases directly supported the launch of The King’s Table program, which is designed to improve clinical outcomes for individuals managing chronic illnesses by providing meals tailored to their dietary needs. The program builds on PRISM’s Community Medical Meals Program that began during the COVID-19 pandemic, and emphasizes local sourcing, culturally relevant meal planning, and high-touch delivery.

Reestablishing Hope Inc.

IFF closed a $164,600 loan to support Reestablishing Hope Inc. in renovating a recently purchased two‑story, 9,000‑square‑foot building in South Holland, IL. Reestablishing Hope provides evidence‑based behavioral health services, violence prevention programs, and support resources for individuals who have historically faced barriers to accessing essential care. The organization currently leases office space in South Holland and plans to relocate one of its offices to the new facility once renovations are completed, allowing it to expand capacity and better meet the needs of the individuals and families it serves. The project will significantly benefit the surrounding communities by increasing access to critical behavioral health services, violence prevention initiatives, and supportive resources. With expanded space, Reestablishing Hope will be better equipped to serve individuals experiencing trauma, mental health challenges, substance use issues, and community violence. The organization also plans to lease the upper floor of the facility, creating an additional revenue stream to sustain its programming. In total, the project will create five full‑time positions and four part‑time staff roles.