Published:
Chicago-Based IFF Selected to Receive Community Development Financial Institution Award
CHICAGO, Aug. 28 /PRNewswire/ -- Today, the U.S. Treasury Department's
Community Development Financial Institution (CDFI) Fund announced that
Chicago-based IFF is a recipient of a $1 million award, which will support
IFF's Midwest expansion and allow it to provide more flexible, below-market
financing to nonprofits serving low-income areas inMissouri,Iowa,Indiana
andWisconsin.
Formerly known as the Illinois Facilities Fund, IFF was founded in 1988 to
help nonprofits in struggling neighborhoods gain access to real estate loans
in order to own and improve their facilities, build equity, and strengthen the
communities they serve. IFF's central innovation has been to adapt
traditional financing tools to meet the needs of nonprofits, structuring loans
that are as affordable as rent payments. Today, IFF loans help finance the
acquisition, construction and rehabilitation of community facilities such as
child care centers, health care clinics, charter schools and housing services
for low-income communities and special-needs populations in its target
markets. Since its inception, IFF has made more than 600 loans totaling more
than $200 million to about 350 nonprofit organizations.
"IFF is delighted to receive this award," said Trinita Logue, IFF
President and CEO. "We're especially pleased because this isn't simply a
one-time grant. This is an equity investment in our loan fund, which our
experience has shown we can leverage into more than $10 million in total
community investment. That translates into more savings for nonprofits, and
more jobs, more child care, more classrooms, and increased opportunity in the
communities they serve."
The CDFI Fund invests in and builds the capacity of private, for-profit
and nonprofit financial institutions that serve low-income people and
communities lacking adequate access to affordable financial products and
services. The award recipients were selected after a competitive review
process of more than 200 applications from organizations across the nation.
For more information on the CDFI Fund or the award, visit
http://www.cdfifund.gov.
About IFF:
Founded in 1988, IFF is the Midwest's leading nonprofit Community
Development Financial Institution (CDFI). It has total assets of more than
$140 million and offers below-market loans, real estate consulting, and
research services to nonprofits serving low-income areas and special-needs
populations inIllinois,Indiana,Iowa,Missouri andWisconsin. To learn more
about IFF, visit http://www.iff.org.
MEDIA CONTACTS: Jose Cerda III
312-596-5124
jcerda@iff.org
Liz Torrez
312-255-3036
liz.torrez@hillandknowlton.com
SOURCE IFF
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