CDFI Investment Delivers Housing and Childcare to Rural Community of 1,500
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Access to safe, affordable housing is now a reality in rural Mt. Carroll, Illinois, through innovative problem solving and a partnership between a community-based nonprofit developer and Bridge Investment Community Development Corporation, a CDFI. For decades, a 14-acre campus, formerly home to Shimer College, stood largely vacant after the college relocated in the 1970s. Preservation efforts ended in 2018, leaving no viable buyer and placing the property at risk of becoming a long-term liability for a small rural municipality with limited resources. Rather than allow further deterioration, the nonprofit advanced a multi-phase redevelopment plan beginning with affordable housing. Through the donation of the campus land and buildings, Illinois Affordable Housing Tax Credits were generated to mobilize private capital. Bridge Investment financed the sale of the property and applied the tax credit proceeds to originate a long-term, low-cost loan. Without Bridge Investment, the project would not have been feasible, as the developer had fully leveraged available debt capital and contributed its developer fee within a complex capital stack.

Completed in November 2025, the project delivered 51 new affordable apartments, restored and adaptively reused three historic buildings, and increased the local tax base by 1400% in its first year, representing one of the most significant investments in rural Carroll County in more than 20 years. The development provides long term housing for working families, seniors, and local employees, while stabilizing and growing the rural population base. The affordable housing investment also catalyzed the development of a new childcare center, only the second in the county, financed by Bridge Investment and supporting 27 jobs and up to 60 childcare slots, as well as an on-site resource center where Bridge Investment is providing CDFI lending and small business support in partnership with traditional financial institutions.
Bridge Investment Community Development Corporation
100 19th Street, STE 104 - Rock Island, Illinois 61201
(309) 732-4024
[email protected]
​Equal Opportunity Provider.
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In accordance with federal law and U.S. Department of the Treasury policy, this institution is prohibited from discriminating on the basis of race, color, national origin, sex, age, or disability. To file a complaint of discrimination, write to Department of the Treasury, Office of Civil Rights and Diversity, 1500 Pennsylvania Ave. NW, Washington, D.C. 20220 or call (202) 622-1160.

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