News Column

Nonprofit Lender IFF Receives $43 Million in New Markets Tax Credit Allocation

June 9, 2014

Represents IFF’s Largest Allocation for Community Investment

CHICAGO--(BUSINESS WIRE)-- IFF, the Chicago-based nonprofit lender and real estate consultant, received its largest New Markets Tax Credit (NMTC) allocation in the amount of $43 million from the U.S. Treasury Department’s Community Development Financial Institution (CDFI) Fund. The award was part of $3.5 billion in tax credits awarded to 87 organizations nationwide for investment in low-income communities.

This marks the third time IFF has received an NMTC allocation. In 2002 and 2011, IFF received a total of $35 million in NMTCs to support community development projects, including charter schools in Chicago, IL; Kansas City, MO; and Milwaukee, WI.

The allocation strengthens IFF’s ability to offer more affordable, flexible capital to nonprofit corporations across the Midwest. Capital projects to benefit from the recent allocation of tax credits include the expansion or construction of community health clinics in the Chicago metro area, a Milwaukee community-based health and educational services provider, and a domestic violence shelter, also in Milwaukee.

“We’re delighted and excited to put our New Markets Tax Credits to good use helping nonprofits in their vital mission of building better communities,” IFF CEO Joe Neri said. “This $43 million allocation exceeds the total of our past allocations and will allow us to reach more nonprofits and revive more low-income neighborhoods in the Midwest.”

IFF’s financial performance and community impact have earned it the highest rating from the CDFI Assessment and Rating System™ (CARS), making it one of only five CDFIs nationwide—and the only one in the Midwest—to earn the designation. As the Midwest’s leading CDFI, IFF has made more than 1,100 loans to nonprofits, providing $450 million in low-cost financing and leveraging $1.4 billion in total community investment.

About IFF

IFF is a nonprofit lender and real estate consultant. For more than 25 years, IFF has been a trusted partner to nonprofits in every sector, making it more affordable and easier for them to plan and build facilities that are critical to their mission and success. Founded in 1988, IFF has total assets of more than $250 million and operates in Illinois, Indiana, Iowa, Kansas, Michigan, Missouri and Wisconsin, with a focus on low-income and special needs communities. To learn more about IFF, visit www.iff.org.



IFF

Dawn Raftery, 312-629-0060

draftery@iff.org



Source: IFF


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