| Fact Sheet Overview & Mission
IFA’s mission is to foster economic development to public
and private institutions that create and retain jobs and improve
the quality of life in Illinois by providing access to capital.
IFA is authorized to issue tax-exempt and taxable bonds, make
loans and invest capital to help meet the diverse needs of local
government, business, education, healthcare, cultural and social service, agri-business
and other entities via market-specific financial services.
With offices in Chicago, Mt. Vernon, Peoria, and Springfield, IFA acts as the State's investment banker, supporting workforce and economic development goals across the State.
Structure
IFA strategy is guided by a 15 member, non-paid board appointed by
the Governor. Board members represent a diverse variety of business,
organizational and professional experiences.
Day-to-day operations are under the leadership of Authorized Officials
Karen Walker, Director of Financial Services, and Christopher Meister,
General Counsel. They each bring extensive experience in the
municipal and financial services industry as well as state agency
operations and legislative relations.
IFA Funding Managers offer in-depth knowledge of market segments and
the authority’s financing tools and structures. They help address
economic development needs of local industries and communities
throughout the state and work with client projects where affordable
access to capital makes the difference in financial feasibility.
The Illinois Finance Authority is a self-funded body politic and
corporate. While established by the State, IFA does not receive
appropriated funding for operations from the State. IFA operates as
a financial service organization at no cost to the taxpayer, earning
its operating income from application and closing fees, interest
income and investment income. The State bears no direct or indirect
liability for the debt IFA issues or incurs, except for specific,
statutorily authorized programs.
The Illinois Finance Authority was created on January 1, 2004 by
Gov. Rod R. Blagojevich following the consolidation of seven existing
state authorities into this new organization. Authorities that were
absorbed into IFA:
- Illinois Development Finance Authority
- Illinois Farm Development Authority
- Illinois Health Facilities Authority
- Illinois Educational Facilities Authority
- Illinois Community Development Finance Corporation
- Illinois Rural Bond Bank
- Illinois Research Park Authority
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