New Avenues to Independence is a mainstay in northeast Ohio, where it operates more than 40 facilities that serve people with disabilities and chronic health problems. The 65-year-old nonprofit’s array of buildings include group homes, administrative offices, and vocational training centers – many of which were in critical need of repairs.
IFF provided a low-cost, flexible loan to fund needed updates such as tuck pointing, central air conditioning, vinyl flooring, and IT infrastructure. Additionally, IFF’s loan covered prior-year spending on time-sensitive repairs that were charged to the agency’s line of credit; these expenses included repairs to the facilities’ sewer, roof, electrical and HVAC systems. These upgrades increase security and privacy, as well as provide safe and comfortable surroundings for New Avenues residents and participants.
“You never want to use short-term credit for long-term capital needs,” says Robert Angart, New Avenues Board treasurer. “IFF allowed us to match our funding stream with our capital needs – and they did it without any closing fees.”
By preserving New Avenues’ buildings, the organization can better sustain programs serving 463 disabled adults, 204 children, and 83 seniors.
Tags: : Capital Solutions, Housing