Illinois
Illinois Finance Authority Act
GREEN BANK FEATURES
Bank Model
Bank Scope
Quasi-Public
Statewide
Year Est.
2021
Initial Funding
Legislative Funding
Political Landscape
Democratic Trifecta
Implement. Process?
(20 ILCS 3501/) Illinois Finance Authority Act. 2004 to create the quasi-public entity and in 2021,Public Act 102-0662 Climate and Equitable Jobs Act, established IFA as its official climate bank
New Instit.
Repurposed
Reporting
- Established as the official climate bank because they use the C-PACE Program. The PACE Program was passed through Illinois PACE Act which gave the IFA the funding it needed to spur investments across the states in a "uniform" way.
- In July of 2019, Governor JB Pritzker signed into law a comprehensive technical rewrite of the Illinois PACE Act making it possible for IFA to finance or refinance several PACE Projects located in Chicago, Rosemont, Beardstown, Highland Park, and Skokie totaling $72,388,222.
- IFA is a self-financed, state authority principally engaged in issuing taxable and tax-exempt bonds, making loans, and investing capital for businesses, non-profit corporations, and local government units statewide. IFA's operating income is exclusively derived from application and closing fees, interest income, and investment income.
- IFA's role is to support the Governor of Illinois' economic development agenda.
- Governing the IFA is a fifteen-member, non-paid Board appointed by the Governor and confirmed by the Senate. The Executive Director, is nominated by the Governor and appointed by the Board.
More Info
Eligible improvements generally include fixtures, products, systems, equipment, devices, and materials intended for energy efficiency, renewable energy, resiliency, or water use; electric vehicle charging stations are eligible improvements too.
FOCUS
APPROACH
Provides access to low-cost capital to public and private institutions by issuing tax-exempt and taxable bonds and to make and guarantee non-conventional loans.
GOALS
The Illinois Finance Authority (IFA) provides access to low-cost capital to public and private institutions to foster economic development, create and retain jobs, and improve the quality of life for Illinois residents. To date, their conduit financing programs have spanned every county and helped capitalize thousands of projects, assisting farmers and agri-businesses, business and industry, school districts and higher education institutions, healthcare facilities, cultural and social entities, and local governments develop, upgrade, expand, and sustain their operations and services.
The Illinois Finance Authority PACE Program is designed to accelerate private investment in PACE Projects affixed to existing and newly constructed commercial, industrial, non-residential agricultural, and multi-family (5 or more units) properties, in each case up to 25% of the value of the property. Eligible improvements generally include fixtures, products, systems, equipment, devices, and materials intended for energy efficiency, renewable energy, resiliency, or water use; electric vehicle charging stations are eligible improvements too. C-PACE financing is non-recourse to the record owner and assignable upon transfer of the property. Moreover, C-PACE financing does not accelerate upon a default (payment or otherwise), permits terms of up to 40 years, and allows financing of up to 100% of all project and closing costs.
PRODUCTS AND PORTFOLIO
CONTACT INFORMATION
WEBSITE: Click Here HQ ADDRESS: 160 N La Salle St S-1000, Chicago, IL 60601 EMAIL: No PHONE: (312) 651-1300 FACEBOOK: No LINKEDIN: Yes TWITTER: Yes INSTAGRAM: No TIKTOK: No NEWSLETTER:Yes BLOG: No YOUTUBE: Yes
The state of Illinois has two green banks
