In January, IFF closed two loans totaling $453,550 for community-driven projects in the Midwest. We’ve included information below about the loans and what the organization that received them is doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.
Martin Luther King Economic Development Corporation
IFF closed two loans totaling $453,550 that provided Martin Luther King Economic Development Corporation (MLKEDC) with the capital needed to renovate a 1,038-square-foot, single-family home and a 1,845-square-foot, single-family home in Milwaukee, WI. The projects will replace all mechanical systems, the roofs, windows, siding, interior walls, insulation, drywall, flooring, kitchens, and bathrooms, in addition to the construction of new porches and garages. When the rehabs are complete, the homes will be sold to buyers earning 80 percent of the Area Median Income (AMI) or less and, with estimated sale prices of $145,000, will provide high-quality, affordable opportunities for homeownership. MLKEDC was established in 1999 to nurture residential and commercial health in the Harambee/Bronzeville neighborhood of Milwaukee. The organization’s rehab projects will revitalize blighted properties to further strengthen the community.