The Community First Fund (CFF) is a revolving loan fund that provides direct support to community development financial institutions, community development loan funds, and state housing finance agencies serving Illinois and Wisconsin. The CFF is the first of its kind in the Federal Home Loan Bank System and is unique to the FHLBC.
 
To date, $39.75 million has been committed to seven partners. In this CFF Partner Spotlight, we introduce IFF. IFF is a mission-driven lender, real estate consultant, and developer that helps communities thrive by creating opportunities for low-income communities and people with disabilities. IFF is the largest nonprofit community development financial institution in the Midwest.

What has an investment from the Community First Fund allowed you to do that you wouldn’t have been able to do otherwise?
 
IFF: Through the Community First Fund, IFF has provided 16 loans to nonprofit health and human services providers in Illinois and Wisconsin. Whether it’s helping to fill financing gaps for affordable housing projects or addressing the need for integrated housing for individuals with disabilities, the CFF allows us to better meet the demands for our affordable loans.

Projects in Milwaukee we’ve helped include St. Ann Center for Intergenerational Care, which recently received the State Farm Building Blocks Award at the 2016 Milwaukee Awards for Neighborhood Development Innovation, and the Gerald L. Ignace Indian Health Center, which involves the renovation of an old department store on a historic street in the downtown area. We also provided support for other facilities projects in such sectors as child care, health care, and housing for homeless individuals in Chicago; the suburban communities of Arlington Heights, Crystal Lake, Elgin, and Park Forest; and Staunton in southern Illinois.
 
What are some of the benefits of the type of collaboration you have with the FHLBC?
 
IFF: Partnerships with organizations like the FHLBC play a vital role in IFF’s continued success. IFF has fully deployed 100% of the [Community First Fund] funds, whose flexible terms allowed us to provide long-term, non-appraisal-based lending at affordable rates to borrowers in Illinois and Wisconsin. This type of collaboration helps IFF invest in and strengthen the balance sheets of nonprofits serving low-income communities and is an important part of our strategy to diversify our sources of capital.