IFF

IFF is a mission-driven lender, real estate consultant, and developer that helps communities thrive. Having started originally in Chicago, IFF is now the leading nonprofit CDFI in the Midwest. They provide critical services to low-income communities and people with disabilities across five key areas: affordable housing, early childcare and education, health care, healthy food access, and schools. Since 1988, IFF has made over $700 million in loans, leveraged $2.3 billion in community investments, and grown their total managed assets to more than $600 million.

Their services include flexible, affordable financing; full-scale real estate consulting; community development initiatives; and public policy and research that strengthen the nonprofit sector and guide resource allocation by government and foundations.

IFF has made a total of 38 loans for projects where they have explicitly identified the site service type as “Arts and Culture,” in addition to their work supporting creative place-making and artist housing and workspaces. Loans have ranged from $48,000 to $1.74-million with an average loan size of $583,000.  In particular, IFF has completed numerous arts and culture real estate development projects, including Chicago’s Black Ensemble Theater and Chicago Children’s Theater.

We have supported comprehensive community development including work with Northeast Shores in Cleveland which centers its community development efforts around creative place-making.  We’ve made four loans including artist live-work space, mixed use buildings, and the renovation of a historic theater http://northeastshores.org/

Often IFF’s loans include the acquisition and renovation of owned and leased space, new construction, and equipment. Other borrowers include:

• Hyde Park Art Center, Chicago, Illinois
• Chicago Children’s Theater, Chicago, Illinois
• Music Hall Center for Performing Arts, Detroit, Michigan
• Strand Theater, Pontiac, Michigan
• Radio Milwaukee, Milwaukee, Wisconsin
• Next Act Theater, Milwaukee, Wisconsin
• Mid-Coast Radio KKFI
• Kansas City Young Audiences, Kansas City, Missouri
• Bi-Okoto Drum & Dance Theater, Cincinnati, Ohio

Beyond lending to arts institutions who rely primarily on foundational and individual giving support, IFF also invests in local businesses within the creative economy.¹ 

Inspiration Kitchens (Chicago, IL):

In 1999 — after a decade of being a kitchen on wheels — Inspiration Café moved into a permanent home in Chicago’s Uptown neighborhood with a $139,000 IFF loan. In 2010, to build a $2.4 million restaurant, catering, and training facility in Chicago’s East Garfield Park neighborhood, we financed a $520,000 loan and served as project manager.

The restaurant annually feeds 3,500 low-income families and trains 100 people for jobs. Inspiration Corporation’s Inspiration Kitchens food service training program has helped over 500 homeless and low-income people. Inspiration Corporation has 54 full-time and 32 part-time employees at five different sites, and serves over 3,000 Chicago residents each year.

Karcher Artspace Lofts, (Waukegan IL):

As part of a downtown revitalization effort in Waukegan, IL, Artspace Projects Inc. bought the Karcher Hotel in 2007 for $730,000 and saved the historic building from demolition. The once majestic hotel had stood vacant and in disrepair for 21 years. Artspace and the city of Waukegan packaged financing for the $13 million project from sources such as JPMorgan Chase, historic and low income housing tax credits, state funding, and local fundraising by the Waukegan Arts Council.

But the project still needed a long-term permanent lender. In October 2011, IFF loaned $700,000 to Artspace, one of the nation’s leading developers of affordable space for artists. Karcher Artspace Lofts opened in December 2012; all 36 lofts were leased by March 2013. Most of the lofts are reserved for low-income artists and their families.