Illinois treasurer launches $10 million investment program to support affordable housing
FOX23 News at 9 p.m
CHICAGO (KBSI) — Illinois State Treasurer Michael Frerichs announced a new $10 million community investment initiative aimed at expanding affordable housing, supporting nonprofit organizations and generating returns for the state.
The investment was made through IFF, a Chicago-based Community Development Financial Institution that provides financing and real estate consulting to nonprofits and underserved communities throughout the Midwest.
Frerichs highlighted the program Tuesday at the Chicago Mahogany Foundation’s new headquarters in Chicago’s Auburn Gresham neighborhood. The nonprofit, founded by historian Shermann “Dilla” Thomas, received a $250,000 loan through IFF to purchase and renovate the building.
State lawmakers previously authorized the treasurer’s office to invest funds with Community Development Financial Institutions. Frerichs said the partnership is intended to increase access to capital for projects that benefit communities across Illinois.
As of June 2026, IFF has deployed $7.18 million of the investment into community development projects, including:
* A $1.5 million loan for renovations at Riverside Village, a 258-unit affordable housing complex in Chicago’s Riverdale neighborhood.
* A $1 million loan to support redevelopment of the South Shore Chamber of Commerce building and small business space in Chicago.
* A $1.05 million loan to help expand a Franciscan Outreach emergency shelter in Chicago from 70 to 120 beds.
* A $1.3 million loan to support construction of 60 low-income senior apartments in Troy, Illinois.
* A $1.4 million loan for the development of 22 permanent supportive housing units in Moline.
Several additional projects are under consideration, including developments in the Metro East region.
IFF, founded in 1988, has provided nearly $2 billion in financing to nonprofit organizations across the Midwest and is certified by the U.S. Department of the Treasury as a Community Development Financial Institution.
According to the Treasurer’s Office, the initiative is designed to expand affordable housing opportunities while supporting community development projects throughout Illinois.
