June 2026 Loan Round-up July 1, 2026

In June, IFF closed loans totaling approximately $17.9 million for community-driven projects in the Midwest. We’ve included information below about several of 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.

Global Ambassadors Language Academy

IFF closed a $6.95 million source loan as part of a $28 million New Markets Tax Credit (NMTC) transaction that will enable Global Ambassadors Language Academy (GALA) to acquire a historic, 54,811-square-foot facility in Cleveland, OH, and renovate it to serve 600 K-8 students. Operating in a leased facility on the west side of the city since 2016, GALA is a public charter school that offers the only Mandarin and Spanish immersion program in the State of Ohio. GALA consistently ranks as one of the top performing public K-8 schools in Cleveland, and its new facility will double the school’s enrollment capacity so that more local students have access to high-quality bilingual education.

Renovations to the former district school building acquired by GALA will replace mechanical, electrical, plumbing, and life safety systems; upgrade interior finishes; and improve the building’s façade. Extensive exterior work will also be completed as part of the project, adding a new outdoor play area, landscaping, and parking. Once renovations are completed, the school will include 24 classrooms, a dedicated art classroom, a cafetorium, a gym, a library, and administrative support spaces. In its new location, GALA intends for its students to build knowledge, skills, and attributes that position them to be competitive in the 21st-century global economy.

The $27.9 million project is expected to create 75 temporary construction jobs and 15.5 full-time jobs. Additional sources of funding and financing for the project include federal NMTC allocations from Civic Builders and U.S. Bank, which is also serving as the equity investor, as well as a source loan from LIIF. LIIF also provided a credit enhancement for the project via the U.S. Department of Education’s Credit Enhancement Program, which awards funding to organizations to address the cost of acquiring, constructing, and renovating facilities by enhancing the availability of loans and bond financing. Credit enhancement to charter schools seeking capital from the bond market and commercial banks helps to drive down their interest rates, provides debt service reserve funds, and makes it easier and more affordable for charter schools to borrow capital.

Greater Englewood Community Development Corporation

IFF closed a $50,000 Flex Loan for Greater Englewood Community Development Corporation (GECDC) to bridge grant funding awarded to the nonprofit but not yet disbursed. Founded in 2004, GECDC has served as a catalyst for economic development and small business growth in Chicago’s Greater Englewood community, providing business counseling, technical assistance, entrepreneurial programming, workshops, and other resources to support local businesses and entrepreneurs.

Inlet Dance Theatre

IFF closed a $21,000 Flex Loan for Inlet Dance Theatre (Inlet) that provided the nonprofit performing arts group with operating capital while awaiting grant funds awarded to the organization by Cuyahoga Arts & Culture and the Ohio Arts Council. Founded in 2001 and based in The Pivot Center for Art, Dance, and Expression in Cleveland, OH, Inlet uses dance as a tool for education, storytelling, and social impact, reaching thousands of individuals annually through performances, touring, school residencies, and community-based programming. Like many nonprofits in the arts and culture sector, Inlet experiences temporary cash-flow timing gaps despite strong financial management and secured funding commitments, and the Flex Loan will enable the organization to continue operating normally while awaiting funds awarded for its work but not yet disbursed.

Journey Center for Safety and Healing

IFF closed a loan of approximately $1.02 million that will facilitate the Journey Center for Safety and Healing’s (Journey Center) acquisition of a 15,848-square-foot facility in Cleveland, OH, leased by the nonprofit for the past decade, along with an adjacent property that includes an 8,797-square-foot building and a parking lot. Operating for more than 50 years, Journey Center’s mission is to provide services that foster safety and healing to those affected by child abuse and domestic violence; and to prevent abuse through education, advocacy, and systemic change. Primarily serving Cuyahoga County, the organization provides services through a trauma-informed lens with an emphasis on individual empowerment. Among Journey Center’s programs are a 24-hour helpline, an emergency shelter, employment assistance, and justice system advocacy. Owning its longtime headquarters and the adjacent property will provide Journey Center with more space for programming and save the organization more than $60,000 annually that will support its mission and enable the long-term maintenance of the properties.

Legal Prep Charter Academies

IFF closed a loan of approximately $1.1 million that refinanced two maturing IFF New Markets Tax Credit (NMTC) Small Project Loan Pool loans provided to Legal Prep Charter Academies (Legal Prep) in 2019 to finance a new HVAC system that replaced the school’s aging boiler system at its campus in Chicago’s West Garfield Park neighborhood. Launched in 2012, Legal Prep combines a rigorous, law-themed college-preparatory curriculum with hands-on experiences alongside legal professionals to prepare students for success in college and careers. Legal Prep’s Chicago campus serves students in grades 9–12. By refinancing the maturing loans, Legal Prep gained additional financial flexibility as it expanded its established school model to Indiana. IFF also supported that expansion, providing Legal Prep with two loans totaling $1.3 million in April 2026 to renovate a leased facility in Indianapolis and purchase furniture, fixtures, and equipment ahead of the new campus opening in August 2026.

LIV Recovery Sober Living

IFF closed a $390,100 loan to facilitate LIV Recovery Sober Living’s (LIV) acquisition of a 2,690-square-foot single-family home in St. Louis, MO, to serve as the nonprofit’s fifth sober living home. The property will provide housing for up to 14 people participating in LIV’s sober living programs, who will also have access to on-site counseling. Founded in 2019, LIV is a community-based substance use recovery and mental health service provider that offers individual and group therapy, outpatient services, transportation, housing, workforce development services, and more to individuals and families in the St. Louis area working to overcome substance use disorder. Planned upgrades to the organization’s new property include tuckpointing, sewer replacement, roof replacement, the installation of a fence, and the addition of administrative space, among other renovations. IFF previously provided financing to LIV in March and December 2023 to acquire facilities used to expand the organization’s programs.

Preservation of Affordable Housing

IFF closed a $2.9 million loan to facilitate the first phase of redevelopment at the Clinton-Peabody Apartments, a historic public housing complex in St. Louis, MO. With Preservation of Affordable Housing (POAH) serving as the developer, the St. Louis Housing Authority (SLHA) is spearheading an effort to create a mixed-use development that reflects the community’s vision and honors past, current, and future residents of the property. Planned renovations will enhance community spaces, amenities, and services that help residents thrive, while also creating high-quality mixed-income housing. In the project’s first phase, 89 new one, two, and three-bedroom apartments will be built as part of the broader effort to preserve long-term affordability, improve housing quality, strengthen neighborhood connections, and support resident well-being through thoughtful, community-focused design. Forty of the apartments will be restricted to residents earning 60% AMI, 31 units will be restricted to residents earning 20% – 50% AMI, and 18 will be leased at market rate. In-unit amenities will include a patio/balcony, dishwasher, washer/dryer, garbage disposal, and microwave, and residents will also have access to parking, a community room, and supportive services.

Additional sources of funding and financing for the $35 million first phase of the project, which is projected to create 95 temporary construction jobs and 24 permanent jobs, include a 9% Low-Income Housing Tax Credit (LIHTC) allocation and loan from the Missouri Housing Development Commission, equity from US Bancorp Impact Finance, congressionally directed appropriations, a loan and rental subsidy from the SLHA, City of Saint Louis Affordable Housing Commission and Community Development Administration loans, a loan from POAH, and Affordable Housing Assistance Program tax credits, among others.