In October, IFF closed loans totaling approximately $19.9 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.
111 Oneida
IFF closed three loans totaling approximately $6.67 million that provided Coleman Allen LLC and 111 Oneida LLC with financing for the development of Casa Del Rey Apartments in Pontiac, MI, which will provide affordable rental housing to residents earning 80 percent or less of the Area Median Income (AMI). The $15.5 million project will transform a century-old building listed on the National Register of Historic Places that has been vacant since 2006 into a high-quality community asset that will help to address a documented need for affordable housing in Pontiac. The renovated facility will include studio, one-, two-, and three-bedroom units ranging in size from 500 square feet to 1,425 square feet—with onsite parking. Additional funding and financing for the project is being provided by the Oakland Company Trust Fund, Cinnaire, the Michigan Economic Development Corporation, and Oakland County.
AHDVS-Carlson
IFF closed a $2.39 million loan that provided AHDVS-Carlson with financing for the development of Bristol Place Senior Residences in Champaign, IL, which will provide 60 units of affordable housing to seniors earning 60 percent or less of the Area Median Income (AMI). The multifamily facility will consist of one- and two-bedroom apartments and will incorporate environmental and engineering standards intended to achieve “Green Certification.” All apartments will feature Energy Star-rated appliances, including stainless steel refrigerators, stoves, and in-unit washers and dryers. Building amenities will include a media center, fitness center, community room, on-site management office, and parking for each resident. Additional sources of funding and financing for the $17.8 million project include 9% Low Income Housing Tax Credits (LIHTC) allocated by the Illinois Housing Development Authority (IHDA), with Cinnaire serving as the investor; a construction loan from Horizon Bank; Urbana HOME Funds; an Affordable Housing Program (AHP) loan from the Federal Home Loan Bank of Chicago; and an IHDA loan.
Community Housing of Wyandotte County
IFF closed a loan of approximately $265,000 that provided a special purpose entity created by Community Housing of Wyandotte County (CHWC) with the capital needed for predevelopment activities for a new mixed-use apartment complex in Kansas City, KS. The multifamily facility will include one-, two-, and three-bedroom apartments for residents earning 30 to 60 percent of the Area Median Income (AMI). CHWC, a longtime IFF borrower, stabilizes and revitalizes neighborhoods and communities by creating affordable homeownership opportunities, supporting economic development, and fostering community involvement.
Developing K.I.D.S.
IFF closed a $3 million loan that provided Developing K.I.D.S. with the capital needed to renovate a 23,000-square-foot facility in Detroit, MI, that will enable the nonprofit to consolidate its operations and programming from leased space to one that it owns. Planned renovations include the installation of new HVAC and plumbing systems; a new roof; the replacement of electrical components, doors, and windows; new restroom facilities, and more, revitalizing a blighted building that will become an anchor in the community. A past participant in IFF’s Stronger Nonprofits Initiative, Developing K.I.D.S. provides youth development, family engagement, community support, and workforce development programming to more than 1,000 clients each year. In addition to IFF’s loan, the $7.8 million project is being facilitated by a capital campaign.
Larlen Communications
IFF closed a $3.975 million loan for the development of the Southtown Lofts in Grand Rapids, MI, which will provide 12 units of affordable housing to residents earning 60 to 120 percent of the Area Median Income (AMI). Being developed by Larlen Communications, a nonprofit that operates a radio station and youth broadcast academy, the 16,200-square-foot, mixed-use facility will also include four market rate apartments, offices for the organization, classrooms and a studio for its programming, and retail space to be leased to a local business. Additional sources of funding and financing for the $5.1 million project include a Michigan Revitalization and Placemaking Grant, a Michigan Neighborhood Grant, a Local Brownfield Revolving Fund Grant, and a Redevelopment Ready Communities Grant.
The ABCD, Inc.
IFF closed a $3 million loan that provided The ABCD, Inc. (ABCD) with financing for the redevelopment of a former bank branch in Canton, OH, to create a 14,480-square-foot facility that will serve as the organization’s new headquarters. Founded in 1974, ABCD is a certified Community Housing Development Organization that provides housing, economic development, transportation, and energy conservation services to the residents of Stark County, OH. In addition to its headquarters facility, the project will create a 30-space garage where the nonprofit’s vehicles can be safely stored. ABCD provides 250+ rides daily for seniors and individuals with disabilities; provides transport to and from work for individuals returning to the community from incarceration; and contracts with schools, colleges, day care centers, churches and others in the community. The organization’s new facility will help revitalize the neighborhood where it’s being developed, make ABCD’s services more accessible, and position the nonprofit for a future development project on a nearby property to construct housing for seniors in the community. Additional sources of funding and financing for the $5.04 million project include an economic development grant from the Ohio Finance Fund, a City of Canton Community Development Block Grant, and agency equity.
Tags: : Capital Solutions, Community Development, Housing, Loan Round-ups, Workforce Development, Youth Services