In January, IFF closed five loans totaling $11,905,000 for community-driven projects in the Midwest. We’ve included below a roundup with information about two of the organizations that received the loans and what they’re doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.
Covenant House Illinois
Covenant House Illinois, a provider of housing and supportive services for young people experiencing homelessness, received a $605,000 loan from IFF to facilitate the acquisition and renovation of a 25,000-sq-ft, $8.93 million transit-accessible facility (featured in the photo above) that will more than triple the number of interim beds the organization offers to clients. IFF’s loan was designed to bridge capital campaign proceeds that will finance the project, along with a New Markets Tax Credit allocation and a loan from Covenant House Illinois’ parent organization. Since its inception in 2017, Covenant House has provided more than 10,000 nights of shelter to more than 800 youth experiencing homelessness in Chicago. Read more about the project in our story, “Covenant House Illinois Doubles Down on Ending Youth Homelessness with More Beds and Services in East Garfield Park.”
IFF closed a $3 million loan for Greatwater in participation with Capital Impact Partners to facilitate the rehabilitation of 137 affordable apartments at two properties in Detroit, MI. The project will include renovations to the roof and common areas, window replacements, upgrades to the electrical and plumbing systems, and mechanical, masonry, elevator, and in-unit repairs. The project is utilizing an innovative modular kitchen system that is high quality, low-cost, customizable, and easy to install. Lease up for the apartments is expected to begin in January 2022.