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The latest Quad Cities news, weather and sports from Local 4 WHBF on https://OurQuadCities.com.
Parkview Apartments, Moline to receive loan from State of Illinois
By Linda Cook,
2026-06-24
Illinois Treasurer Michael Frerichs on Tuesday unveiled a new community investment program – including a project in Moline – designed to build affordable housing, help nonprofits, and generate returns for the state, according to a news release.
Parkview Apartments in Moline, one of five projects in the program, will receive a $1.4 million loan to build 22 permanent supportive housing units as part of a larger project led by the Moline Housing Development Corp. and Illinois Housing Development Authority.
Frerichs invested $10 million with IFF, a Chicago-based Community Development Financial Institution that promotes economic development by providing financing and real estate consulting across the Midwest to nonprofits and people under-served by traditional financial institutions, particularly in low-income communities.
On Tuesday, Frerichs highlighted one of the first completed projects, the new South Side headquarters of the Chicago Mahogany Foundation, award-winning Chicago historian Shermann “Dilla” Thomas’ nonprofit that runs neighborhood bus tours and offers city history lessons. The $250,000 loan helped the Foundation to buy and renovate a building in the Auburn Gresham neighborhood.
“These are investments in action. It is partnership in action. And together we are making an immediate impact on the South Side and throughout the state,” Frerichs said. “Dilla invests in this community every day. And through IFF we reinforce the foundation of the Chicago Mahogany Foundation’s work. This is history in action.”
State lawmakers authorized the Illinois Treasurer to invest money with Community Development Financial Institutions. Frerichs invested $10 million in capital with IFF to fund community development projects. IFF is a top-rated CDFI certified by the U.S. Department of the Treasury that has been working on facilities and finance issues for nonprofits since 1988.
As of June 2026, $7.18 million has been deployed for projects.
Copyright 2026 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.For the latest news, weather, sports, and streaming video, head to WHBF - OurQuadCities.com.
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