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Illinois Finance Authority Private Activity Bonds.

IFA issues tax-exempt conduit bonds for qualifying nonprofit facilities and certain manufacturing, infrastructure, broadband, and other federally eligible projects.

Offered byIllinois Finance Authorityverified 2026-07-10

Overview

What it does.

The borrower is responsible for repayment and assembles its own bank, underwriter, placement agent, and professional team. IFA issuance can lower financing cost but is not a state guarantee.

Best for: A substantial nonprofit, manufacturing, cultural, broadband, or infrastructure capital project that can support bond financing costs.

Eligibility

Who and what may qualify.

Eligible applicants

  • Qualifying 501(c)(3) organizations and other conduit borrowers with federally eligible capital purposes

Eligible uses

  • Qualified facility acquisition, construction, renovation, equipment, refinancing, and certain working-capital costs

Application

How to start.

  1. Discuss project and federal-purpose eligibility with IFA before structuring financing.
  2. Engage a qualified lender, underwriter, or placement agent and bond counsel.
  3. Submit the IFA application and proceed through credit, public-approval, and board processes.

Timing: Applications are accepted as projects are developed.

Planning notes

Limits to account for.

  • Bonds are not obligations of the State and require borrower credit support.
  • Federal qualified-purpose rules and transaction costs apply.

Coordinate grants, tax credits, and subordinate financing with bond counsel and the financing team.

Evidence

Official sources.