March 2026 Loan Round-up April 1, 2026

In March, IFF closed loans totaling approximately $23.5 million for community-driven projects in the Midwest. We’ve included information below about 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.

Our Spot KC

IFF closed a $50,000 Flex Loan for Our Spot KC that will enable the nonprofit to obtain an environmental assessment and building permits essential for the construction of Lion House Cottage, a 17-bed transitional housing community in Kansas City, MO, for LGBTQ+ individuals experiencing housing insecurity. Residents in the Lion House Cottage community will have access to case management, resource navigation support, and personal development programming. Additional sources of funding and financing for the $5.3 million project include government grants and a capital campaign.

Puerto Rican Arts Alliance

IFF closed a $617,500 loan that will facilitate Puerto Rican Arts Alliance’s (PRAA) acquisition of a 2,500-square-foot building in Chicago’s Avondale neighborhood that will expand the nonprofit’s capacity to deliver high-quality arts and music education programs. PRAA has been part of the community for 25 years and has emerged as a premier cultural organization exemplifying arts excellence through music and arts educational programs, performances, and exhibitions.

The facility being purchased is located directly behind PRAA’s main office and will enable PRAA to expand enrollment in its Latin Music Project and other signature youth initiatives, reduce waiting lists, and reach more families across Chicago. It will also provide dedicated areas for rehearsal, performance, and classroom instruction, creating a safe and inspiring environment that fosters student learning, creativity, and artistic growth. Beyond youth education, the facility will enhance PRAA’s capacity to host cultural events, offer artist residency, and community workshops, advancing its mission to preserve Puerto Rican heritage while fostering cross-cultural connections. Notably, the building will also offer housing for visiting artists from Puerto Rico and abroad. IFF’s Real Estate Solutions team has also provided predevelopment support to PRAA as part of the Chicago’s Cultural Treasures Initiative.

Read Muskegon

IFF closed a $1 million loan for Read Muskegon that the nonprofit will use to renovate its 5,544-square-foot facility in Muskegon, MI. Established in 2005, Read Muskegon removes barriers to literacy for individuals of all ages, and the organization previously leased a 1,600-square-foot facility that was no longer large enough to support its work. Renovations to its new headquarters will enable the organization to create a functional, consolidated workspace fully equipped to support Read Muskegon’s programming. In the new facility, Read Muskegon will create a flexible learning hub for workshops, classes and events; an early childhood space where free child care will be provided to Read Muskegon’s clients while they attend classes; a community reading room to foster community connections; and a tutoring center where personalized instruction will be provided. Upgrades to the building will also provide Read Muskegon with high-quality office space, with the nonprofit expecting to create two new jobs as its programs continue to grow in the new facility. IFF previously provided Read Muskegon with a loan in 2024 to acquire the building now being renovated.

The Hatchery

IFF closed a $900,000 loan that refinanced a previous IFF loan used to develop The Hatchery, a 67,000-square-foot nonprofit incubator located in Chicago’s East Garfield Park neighborhood that helps local entrepreneurs build and grow successful food and beverage businesses. The Hatchery is a joint venture between Allies for Community Business (A4CB) and the Industrial Council of Nearwest Chicago (ICNC), and was opened in 2018. IFF was a part of the NMTC transaction that provided the initial financing for the project, and the most recent loan will help The Hatchery remain on solid financial footing and continue to deliver on its mission to provide training, coaching, and a high-quality facility to small business owners while meeting all debt obligations. To learn more about the $32.4 million development of The Hatchery, read our 2019 story about the project.

The Model Group

IFF closed a $6.7 million loan that provided The Model Group with financing for the third and final phase of development at The Landing in Fort Wayne, IN. The Landing was the location of the city’s first post office, hotel, newspaper, theater, and railway station, and The Model Group has preserved the historic architecture during a multi-phase redevelopment that has transformed the area into one of the city’s most vibrant community centers by creating residential units, local retail spaces, office space, and public space.

In the third phase of the project, a new, 43,000-square-foot facility will be built to house 40 mixed-income residential units, ground-floor retail, and additional commercial and community-oriented space that supports daily activity and the long-term vitality of the corridor. Eight of the new apartments will be set aside as affordable workforce housing, and a food market will lease space on the ground floor to address limited access to fresh, affordable food in the community.

Fellow community development financial institution Reinvestment Fund is participating in IFF’s loan, and additional sources of funding and financing for the $19.5 million third phase include County Economic Development Income Tax (CEDIT) and HOME contributions from the City of Fort Wayne, New Markets Tax Credit equity, Regional Economic Acceleration and Development Initiative (READI) 2.0 funding from the State of Indiana, and owner’s equity. IFF also provided loans for the first two phases of The Landing’s redevelopment. Learn more about that here.

TWG Development

IFF closed a $3 million loan to facilitate TWG Development’s acquisition of a 6.5-acre property in Indianapolis, IN, and predevelopment activities for the construction of a 160-unit multifamily affordable housing project on the site. To be known as the Grove at Pleasant Run, the development will include two four-story buildings with 48 units each, and two three-story buildings with 32 units each, with a mix of one, two, and three-bedroom units. Each apartment will feature energy efficient appliances. Founded in 2007, TWG Development is a full-service development firm that has built more than 10,000 housing units nationwide. This is the ninth loan IFF has provided to the developer since 2016, with previous financing used to create quality affordable housing in Indiana, Michigan, and Iowa. Anticipated sources of funding and financing for the $41.6 million project include 4% Low-Income Housing Tax Credits allocated by the Indiana Housing and Community Development Authority (IHCDA) and tax-exempt bond financing from the IHCDA. The project is expected to create 195 temporary construction jobs and five permanent jobs.