Three IFF-Sponsored Projects Awarded Grant Funding Through FHLBank Chicago’s Affordable Housing Program November 19, 2025

IFF is providing $400,000 of AHP subsidy to Association for Individual Development (AID) for Las Rosas, which is a collaboration between nonprofits AID, Neighbor Project, and Hesed House. The organizations’ collaborative effort will transform an underutilized former school in Aurora, IL, into a resource for housing stability and community well-being. Las Rosas will include 14 one-bedroom apartments and six two-bedroom apartments for residents with disabilities, households transitioning out of homelessness or experiencing housing insecurity, residents unnecessarily institutionalized or at risk of institutionalization, and other populations who need supportive services in combination with affordability to maintain their housing stability.   

Each unit will include full eat-in kitchens, full bathrooms, separate living rooms, bedrooms, and ample storage. The existing building has an operational bowling alley in the basement that is currently open to the public and will remain as an onsite amenity for tenants and community members. The school building also includes a gymnasium which will be restructured to include a lounge area with TV and a kitchenette, preserving the gymnasium for exercise, classes, sports, dances and community gatherings. Las Rosas will include a separate community room/lounge for quieter gatherings, and onsite offices will house supportive services staff and case managers.  

IFF is providing $2 million of AHP subsidy to Ikoyi CDC for the development of 50 single-story rental homes with attached garages in Aurora, IL, that will be affordable to seniors earning 60 percent or less of the Area Median Income. The project—1449 Senior Estates Phase II—is leveraging the combined expertise of Northern Lights Development Corporation, Ikoyi CDC, and AHDVS to promote diversity, inclusion, and community interconnectivity in southwest Aurora. The one- and two-bedroom homes are designed for maximum accessibility and energy efficiency, utilizing a prefabricated framing system to achieve Green Certification. All homes will feature Energy Star-rated appliances, resilient hard surfaces, and window treatments. The Aurora Housing Authority, which will enter into a project-based Section 8 Voucher contract for all 50 homes, will provide a free van service to connect residents with nearby grocery stores, pharmacies, health care providers, and shopping centers.  

IFF is providing $2 million of AHP subsidy to Cinnaire Solutions, working in partnership with co-developer Kaba-Baal, LLC, for the development of 50 units of rental housing in River Falls, WI. The project, Valley View, is being developed on a two-acre portion of a 10-acre site owned by the City of River Falls. The region is experiencing a housing shortage, and Valley View is part of a larger effort to increase housing opportunities in the community. Valley View will feature a variety of rental housing options for individuals and large families ranging from one to three bedrooms and income levels from 30-70 percent of the Area Median Income. The affordable units will be integrated into a larger, mixed-income community adjacent to a new business park and a large nature area with walking paths and a community park. Valley View will be built to Energy Star Multifamily New Construction standards, with a solar array and high–efficiency appliances and mechanical systems. The building will include an on-site office, community room and outdoor patio, and fitness room for residents.