Case Study
The University of Chicago and IFF, a CDFI with a history of lending to the child care sector, have worked together on multiple initiatives to create more childcare and education opportunities for Chicago’s communities. First, a shortage in affordable, high quality child care in the neighborhoods surrounding the University of Chicago and the University of Chicago Hospitals paved the way for a partnership between the University and IFF to bridge this gap. In 2006, the University and IFF deployed $1 million in capital grants, program enhancement grants, and an income guarantee to improve and increase capacity of home-based and center-based child care providers, ultimately creating 60 new spots for infants and toddlers in the community. Next, IFF helped the University identify a building location on campus and select a builder to build its own childcare facility. Finally, IFF and the University teamed up to develop a charter school. IFF assisted the University in finding a location for the school and providing financing for the project. The University of Chicago Charter School now has four locations around the city for students from pre-kindergarten to high school.