Milestone: 200th loan closed
The growth was evident as IFF closed its 200th loan.
First affordable housing loan approved
IFF made its first affordable housing loan to West Humboldt Park Homes for $215,512.
Building Blocks program initiated
IFF initiated the Building Blocks program to build capacity of high-need communities to meet early care and education needs.
Illinois Fund for Investment and Development created
IFF took the lead in the creation of the Illinois Fund for Investment and Development, a State program to support the community development finance field in Illinois.
Chicago Project for Social Entrepreneurs launched
IFF worked to promote and assist nonprofits by launching the Chicago Project for Social Entrepreneurs.
Three distinct business units recognized
IFF completed an in-depth strategic planning process that resulted in financial and organizational changes and growth, and strengthened its unwavering commitment to the nonprofit sector. The plan called for the reorganization of IFF into three distinct business units:
- Real Estate Services
First New Markets Tax Credits allocated
IFF was one of only four organizations in Illinois to receive an allocation of New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s CDFI Fund. With its allocation, IFF secured $10 million for loans to highly-distressed communities throughout the state.
Children’s Capital Fund efforts completed
The Children’s Capital Fund came to a close after having created more than 132,000 square feet of child care space to serve 1,200 children in communities of great need.
Loan approvals set record
Loan Department shattered its previous record by approving 101 loans worth more than $37 million.
Study: Here and Now
The Research Department moved quickly, completing Here and Now, a study of, among other things, the mismatch between the need for performing public schools and the location of performing schools. The report assisted the Chicago Public Schools in its planning needs.
Charter School Capital Program established
IFF was awarded $8 million in federal grant funding under the Department of Education’s Credit Enhancement Program to meet the growing need for capital investment for charter schools. IFF established the Charter School Capital Program (CSCP). In addition to the bond financing program for larger projects, the program includes lending to charter schools for projects under $1.5 million, and also includes real estate services to charter schools.
First loans approved outside of Illinois
IFF’s board officially approved expansion to four states. For the first time, IFF made loans in Iowa, Missouri, and Wisconsin, with plans to expand into Indiana.
IFF awarded for Charter School Capital Program
IFF won the Wachovia Award for Innovation in Finance for the design and impact of the Charter School Capital Program (CSCP) program.
Illinois Facilities Fund officially changed name to IFF
With IFF lending regularly in four states, the organization officially changed its name from “Illinois Facilities Fund” to simply “IFF.”
Charter school bond program expanded
IFF received a second award from the U.S. Department of Education ($10 million) to expand the charter school bond program throughout the region.
Milestone: Real Estate Solutions completed its 200th project
St. Louis office opened
IFF opened its office in St. Louis, Missouri. The year also marked the completion of a strategic plan to assess and adjust IFF’s work as a regional organization. The strategic plan called for IFF to grow its core business of lending and real estate while working to influence the broader landscape through a directed emphasis on public policy.
IFF selected for two awards
IFF’s was selected for the $5.5 million Wachovia NEXT Award and Fast Company’s 2008 Social Capitalist Award.
IFF opened office in Milwaukee
IFF opened its office in Milwaukee, Wisconsin, and the St. Louis office grew to a staff of three.
First year Illinois loans exceeded by non-Illinois loans
The first year in which loans closed outside of Illinois exceeded the number of loans closed in Illinois. In terms of total dollar amount of loans closed, Wisconsin led the way with nearly $15 million, followed by Indiana, Missouri, and Iowa. IFF’s loan portfolio has loans outside of Illinois that total 30% of all lending. Real Estate Solutions had a record year, with revenue of $2.1 million based on more than 100 contracts. The Research Department maintained a busy schedule with studies of the school districts in Denver, Milwaukee and Kansas City.
West Cook County Housing Collaborative established
Real Estate Solutions rehabilitated and conveyed properties in the Chicago metro area under the Neighborhood Stabilization Program. IFF established the West Cook County Housing Collaborative to guide the work. IFF received funds under a Transit Oriented Development grant, which will also involve the Collaborative.
Home First program established
IFF started the Home First Illinois program. Working with Access Living, IFF obtained $15 million from the state to create and implement a program to move people with disabilities out of institutional living and into independence. For the first time, IFF will own and manage units.
Health Centers for Healthy Communities kicked off
IFF kicked off Health Centers for Healthy Communities to create up to 10 much-needed Federally Qualified Health Centers (FQHC) in IFF’s region.
Milestone: $1 billion leveraged
By the end of 2011, IFF had leveraged $1 billion for its clients over the years!
Federal Home Loan Bank of Chicago partnership began
IFF joined the Federal Home Loan Bank of Chicago.
IFF opened office in Indianapolis
IFF created the Community Strategies division to formalize its proactive community development work and opened offices in Indianapolis.