The GHACF board not too long ago accredited a $1.5 million funding in IFF (previously Illinois Amenities Fund), one of many highest-rated neighborhood improvement monetary establishments (CDFIs) within the nation.
The five-year funding is for use inside West Michigan, with a selected emphasis on Northwest Ottawa County, to fund loans within the GHACF’s goal communities.
“IFF’s historical past and influence in native communities are spectacular,” says Hadley Streng, president of the GHACF. “Their growth into West Michigan means nice issues for our neighborhood, not solely as a result of they work in partnership with our native organizations, however as a result of we’re investing straight into our neighborhood. Any such funding creates sustainable, constructive social change, and we hope to assist extra tasks like this sooner or later.”
Complement to present exercise
This funding will complement the inspiration’s present funding coverage, packages, and grant-making actions, and set up a course of for the expanded funding and improvement of assets in the neighborhood. In 2020, the GHACF made an analogous funding with Michigan Neighborhood Capital, which has since moved ahead with an reasonably priced housing improvement on Comstock Avenue in Grand Haven. Each investments maintain the cash inside this area.
IFF is a mission-driven lender, developer, researcher, and actual property advisor serving nonprofits and communities within the Midwest. The funding will likely be used to offer low-cost loans to nonprofits for the acquisition and renovation of services that permit them to realize their missions.
IFF’s prime focus areas are reasonably priced housing, faculties, and well being care. IFF has been working in Michigan for 6½ years and has begun increasing into the West Michigan area with plans to open a satellite tv for pc workplace within the Grand Rapids space. In Ottawa County particularly, IFF would look to develop relationships with traders and neighborhood influencers.
Creating alternatives
IFF’s mission to assist communities thrive by creating alternatives for low-income districts and other people with disabilities. They assist purchasers from each sector, together with human service companies, well being facilities, faculties, housing builders, and grocery shops.
Legally, IFF is classed as a CDFI, created underneath the Neighborhood Reinvestment Act, a regulation handed in 1977 supposed to encourage depository establishments to assist meet the credit score wants of the communities by which they function, together with low- and moderate-income neighborhoods. IFF is the most important nonprofit CDFI within the Midwest and one in every of solely 5 nationally to carry the top-ranked Aeris four-star ranking for influence administration and AAA ranking for monetary power and efficiency. Since 1988, it has made greater than $1 billion in loans, leveraging $three billion in neighborhood funding.
“Capital is a vital useful resource that usually appears simply exterior the attain of low-income communities. At IFF, we work arduous to alter that,” says Chris Uhl, IFF’s govt director for the Jap Area, which incorporates Michigan and Ohio. “We work side-by-side with nonprofits to not solely present entry to capital, but additionally entry to instruments and knowledge that construct their long-term monetary well-being. GHACF’s funding into IFF has been vital to our resolution to ascertain an workplace in Grand Rapids and scale our providers in West Michigan.”
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source https://correctsuccess.com/loans/ghacf-invests-1-5m-to-provide-low-cost-loans-to-community-nonprofits/
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