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OCR Page 1 of 10MEMO
To:
The First Lady
From:
Neera Tanden
Subject:
Illinois Facilities Fund
Date:
June 24, 1998
Due to an increase in the number of children that would need to be served under the new child
care proposals such as Child Care and Development Fund and Head Start, there was a need for
more classrooms and child care centers. The Child Care Facility Development Program was
designed by the Illinois Facilities Fund (IFF) to fill this need. IFF is dedicated to creating an
appropriate child care supply to meet child care demand for low-income families.
Illinois Facilities Fund
IFF is a nonprofit lender to human services agencies who works closely with the Illinois
Department of Children and Family Services. The fund officially began in late 1991 and recruited
a diverse team to manage the $21 million program, bringing together finance, design, construction
and government leaders. IFF undertakes specialized real-estate development for nonprofits, in
addition to making below-market loans to them
Child Care Facility Development Program
The IFF's Child Care Facility Development Program is a partnership with the Illinois Department
of Children and Family Services through which the IFF financed and constructed seven new child
care centers for low-income families in five Illinois cities. They proposed a $21 million
construction program to expand child care capacity. Using federal, state and foundation sources,
$12.7 million in tax-exempt revenue bonds were issued by the Illinois Development Finance
Authority. The agencies pay IFF $1 per year for the use of the facilities and will become owners
when the bonds are retired in 10 years. Interest and principal on the bonds are paid directly to the
IFF.
These child care centers have served 1,385 children of low-income families and created new jobs
in disinvested neighborhoods. The IFF has also made below-market loans to 24 child care centers
and consulted with more than 30 child care programs on financing and capital planning issues.
The IFF is a founding member of the National Children's Facilities Network, which advocates on
the behalf of the child care field.
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