About IFA
The Illinois Finance Authority (IFA) is a body politic and corporate of the State of Illinois. It is authorized by the Illinois Finance Authority Act to issue tax-exempt and taxable bonds and make and guarantee loans to help meet the financial needs of local government, business, healthcare, educational, cultural and social, agricultural and other entities.
While established by the State, the IFA does not receive appropriated funding 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 and investment income. The State bears no direct or indirect liability for the debt the IFA issues or incurs, except for specific statutorily authorized programs.
The IFA reflects policy priorities established by the Governor and the Illinois General Assembly.
Mission
The IFA’s mission is to foster economic development by providing public and private institutions that create and retain jobs and improve the quality of life in Illinois access to capital.
Leadership
The IFA is governed by a fifteen member, non-paid Board. Board Members, who are appointed by the Governor and confirmed by the Senate, represent a breadth of experience in economic development, finance, banking, industrial development, small business management, real estate development, housing, health facilities financing, local government financing, community development, venture finance, construction and labor relations.
The IFA Team is led by Executive Director Christopher B. Meister, who was nominated by the Governor and appointed by the Board via Resolution.
History
The IFA was created on January 1, 2004 through the consolidation and elimination of seven State authorities and entities:
- 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
