March 2025 Loan Round-up April 1, 2025

In March, IFF closed loans totaling approximately $18.3 million for community-driven projects in the Midwest, while also closing funding to New Markets Tax Credit (NMTC) projects that provided nonprofits with $17 million in federal NMTC allocations and $16 million in Illinois State NMTC allocations. 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.

Branch Line School

IFF closed a $2.5 million loan that provided Branch Line School (BLS) with the capital needed to acquire and renovate a former church campus in Livonia, MI, to increase the K-8 public charter school’s enrollment from 157 to 200 students after outgrowing its previous leased location. The 1.7-acre property includes a 21,000-square-foot facility that will be updated for the school’s use, with planned renovations including the addition of new standard door openings, a fire alarm system, restrooms, walls, electrical and mechanical upgrades, and more. Established in 2013, BLS offers an individualized, small school atmosphere that cultivates intellectual freedom, respect for others, and service to the community in order to produce critical thinkers and informed global citizens. In addition to IFF’s loan, the $2.6 million project will be funded with BLS equity. 

Chicago Mahogany Foundation

IFF closed a $250,000 loan that provided Chicago Mahogany Foundation (CMF) with financing for the acquisition and rehab of a 1,400-square-foot commercial building in Chicago’s Auburn Gresham neighborhood. Founded in 2021 by Shermann “Dilla” Thomas, CMF’s mission is to highlight Chicago’s people, architecture, and impact on the world. Once renovations are completed, the facility will serve as CMF’s headquarters and establish a permanent presence for the nonprofit on Chicago’s South Side, furthering its goal to uplift the community and enhance the infrastructure in an under-resourced area of the city. Additional sources of funding for the $422,000 project include a Community Development Grant from the City of Chicago and agency equity.

IFF previously provided two loans to CMF, including an equipment loan in September 2022 that the organization used to purchase a bus used to provide history-based tours of Chicago’s neighborhoods and a Flex Loan in April 2023 that enabled CMF to preserve cash on hand while fulfilling a large merchandise order. Learn more about these loans and CMF’s work in our April 2024 story, “How Shermann ‘Dilla’ Thomas is Championing Chicago’s Neighborhoods by Shining a Light on Underappreciated History.” 

Community Restoration Centers of Stark County

IFF closed a $1.46 million loan that refinanced maturing IFF New Markets Tax Credit (NMTC) Small Project Loan Pool loans provided to Community Restoration Centers of Stark County (CRC) in 2017. Founded in 1973 and headquartered in Canton, OH, CRC provides rehabilitative residential services to individuals who are under Adult Parole Authority/Department of Rehabilitation and Corrections supervision and/or Bureau of Community Sanctions, including case management, cognitive behavioral substance use disorder treatment, relapse prevention planning, parenting classes, and other programming designed to prepare residents for a healthy and successful re-entry into the community. By refinancing NMTC Small Project Loan Pool debt, CRC can continue its focus on its restorative services while maintaining its financial relationship with IFF.

Family Promise of West Michigan

IFF closed two loans totaling approximately $4.37 million that refinanced maturing debt held by Family Promise of West Michigan (Family Promise) for two manufactured housing parks in Wyoming, MI and Gaines Township, MI, serving households earning around 50 percent of the Area Median Income (AMI). Family Promise purchased the mobile home parks – which include 26 homes owned by the organization, 46 homes owned by residents, and 13 vacant lots, in 2023 with financing from a traditional lender. A lower interest rate for the permanent financing from IFF will enable the organization to maintain the affordability of the homes. Both properties are located along a bus line, providing residents with easy access to local amenities, and are in close proximity to a grocery store, retail establishments, and other community assets. Family Promise’s acquisition of the properties and commitment to long-term ownership is advancing the nonprofit’s mission to end homelessness. Family Promise engages faith-based and community organizations that provide emergency shelter and basic needs to families with children who are experiencing homelessness and provides additional programs to assist them in finding housing and sustaining their independence.

Greater Englewood Chamber Foundation

IFF closed a loan of approximately $1.03 million that provided the Greater Englewood Chamber Foundation (GECF) with financing to acquire a property in Chicago’s Englewood neighborhood and complete predevelopment and environmental remediation work on the site. As part of GECF’s mission to leverage local assets and develop them to benefit the surrounding community, the organization’s plans for the property include the renovation of a 14,500-square-foot facility on the site that will provide dedicated space for GEFC’s core business operations, event and office space that will be available for rent, and a food hall.  

In a future phase of the project, GECF plans to develop a new facility on an adjacent vacant lot that will serve as a technology hub designed to increase digital literacy for users while fostering entrepreneurship and innovation in the community. The project, which is expected to create 14 jobs, is part of a broader strategic initiative in Englewood to improve the quality of life for residents by catalyzing economic development and creating modern, welcoming spaces for residents and visitors to convene, work, and host events. Additional sources of funding and financing for the project include grants from the City of Chicago, State of Illinois, and private funders, as well as a general operating appropriation from the State of Illinois. 

Jane Pauley Community Health Center

IFF closed a loan of approximately $1.42 million that refinanced debt held by Jane Pauley Community Health Center (JPCHC), a Federally Qualified Health Center with 17 locations in Central Indiana that serves more than 40,000 patients annually. The loans being refinanced were provided by IFF in 2018 as part of a New Markets Tax Credit deal that facilitated JPHC’s construction of its Wigwam site in Anderson, IN. Refinancing the debt will enable JPHC to maintain financial stability while continuing to expand health services to underserved communities in the region.   

Project H.O.O.D.

IFF closed a New Markets Tax Credit (NMTC) deal that provided Stronger Nonprofits Initiative participant Project H.O.O.D. with a $10 million federal NMTC allocation and a $10 million Illinois State NMTC allocation for the development of an 88,000-square-foot, mixed-use facility in Chicago’s Woodlawn neighborhood. The three-story Robert R. McCormick Leadership and Economic Opportunity Center, which is replacing a blighted motel, will contain behavioral health services, workforce development, construction trades, re-entry services, non-violence services, youth development and education offices, athletic courts, a swimming pool, a community garden on the roof, and other community-oriented spaces. The ground floor of the facility will be leased to tenants and will include a lounge, café, retail spaces, a Federally Qualified Health Center, and a financial provider’s office. The NMTC Program funds high-impact projects in communities where other sources of funding aren’t available, providing nonprofits like Project H.O.O.D. with a powerful financing tool that amplifies the impact of their mission-driven work. 

Established in 2012, Project H.O.O.D provides mentorship, training, workforce development, and community services for residents of the Woodlawn and Englewood neighborhoods, and the organization’s new facility will consolidate a wide range of services needed in the community in one state-of-the-art location. The $45 million project will create 250 temporary construction jobs and support 130 permanent, full-time jobs. Approximately 80 percent of the jobs will be accessible to local residents, adding to the project’s positive community impact. Additional sources of funding and financing for the project include agency equity, a capital campaign, and a loan from LISC. 

TCA Health

IFF closed a New Markets Tax Credit (NMTC) deal that provided longtime customer TCA Health with a $7 million federal NMTC allocation and a $6 million Illinois State NMTC allocation for the development of a nutrition, innovation, and wellness center in Chicago’s Altgeld Gardens neighborhood. The 10,000-square-foot building will connect to the Federally Qualified Health Center’s main facility – which is also being expanded – helping to improve health outcomes for local residents and the broader community by co-locating health services with access to healthy food, a known social determinant of health. The nutrition, innovation, and wellness center will include a client choice food pantry; a commercial instruction kitchen; a café with indoor and outdoor seating that will serve healthy food options; and a wellness, movement, and community meeting space to support fitness medication and holistic health education. 

TCA’s expanded health center will serve more than 11,700 patients annually with high-quality health care. The new nutrition, innovation, and wellness center will provide 1,500 clients annually with fresh, nutritious, and free food through the client choice food pantry and VeggieRx program; healthy cooking classes and nutrition education; wellness programs such as yoga and Zumba classes; and employment and training services.  

The $17.25 million project is being supported by IFF’s Real Estate Solutions team as the owner’s representative, which also provided predevelopment support. Additional sources of funding and financing for the project include a bridge loan from IFF, a $9 million federal NMTC allocation from Chicago Development Fund, a loan from a traditional lender, and agency equity. The NMTC Program funds high-impact projects in communities where other sources of funding aren’t available, providing nonprofits like TCA with a powerful financing tool that amplifies the impact of their mission-driven work.  

The Housing Partnership

IFF closed a $50,000 Flex Loan that enabled The Housing Partnership (THP) to pay off a line of credit and fund predevelopment activities for a housing project the nonprofit is developing in St. Louis, MO. Incorporated in 1998, THP creates affordable housing opportunities through new construction and rehab in the Lemay area of St. Louis, while also providing homebuyer education, down payment assistance, and home repair services. The organization’s current development project, Lemay Homes VI, will result in four new single-family homes that will be sold at affordable prices to families with low-to-moderate income.