FCLF Awarded $40 million in NMTC Allocation

25 April 2013

U.S. Treasury Department CDFI Fund announces NMTC Awards, including $40 million to FCLF, to revitalize low-income and distressed communities.

FCLF NMTC Projects, photo collage

Florida Community Loan Fund (FCLF) is pleased to announce its award of $40 million in tax credit allocation authority through the U.S. Treasury Department's CDFI Fund. FCLF was one of only two organizations in Florida to win NMTC allocation this year, the tenth round of awards. With this sixth award of $40 million in tax credit authority, FCLF has been awarded a total of $151 in NMTC allocation. 

This year's awards totaled $3.5 billion to 85 organizations nationwide, headquartered in 28 states and D.C. The 85 organizations were selected from a pool of 282 applicants that requested approximately $21.9 billion. 

To date, FCLF has been a part of 10 NMTC projects, totaling more than $96 million in project costs. These projects have leveraged $211 million in additional private capital, and have created or retained more than 1,800 jobs. All NMTC projects are located in low-income, highly distressed census tracts. FCLF's NMTC Program has a goal of working with projects such as health and human services facilities, charter schools, Green and environmentally sustainable projects, and healthy foods. The projects financed through FCLF's NMTC Program enhance our mission of ensuring critically needed financing to low-income communities and to the families that live, work and play in those communities. This allocation award continues to highlight the Florida Community Loan Fund as an accomplished and active entity in the NMTC field.

The NMTC Program  was created to increase economic opportunity in distressed areas of the nation. CDFI Fund Director Donna J. Gambrell states that "over 70 percent of New Markets Tax Credit investments have been made in communities that meet the highest distress criteria, above even the program's requirements. That result effectively demonstrates how essential the New Markets Tax Credit Program is to spurring economic development in underserved areas." 

ASPIRA of Miami used the NMTC program for 2 of its charter schools serving low-income families: ASPIRA North and ASPIRA EMH. Metropolitan Ministries in Tampa is currently in construction with its NMTC-financed human services campus, in an area with one of the highest homeless rates in the nation. These are just some examples of the NMTC program at work, improving communities, catalyzing economic development, providing jobs, and improving lives.

You can read more about FCLF's NMTC Program here, or click here to view a description of the program and our FCLF projects. 

Click here to read the announcement from the CDFI Fund about this year's NMTC Awards.

"FCLF was instrumental in making this important project a reality, bringing us one step closer to ending chronic homelessness in Miami-Dade County." – Dr. Paul A. Ahr, President & CEO

Camillus House

"Thank you to our friends at FCLF. Your staff has been patient and helpful. We'll make you proud!" – Bill Lazar, Executive Director

St. Johns Housing Partnership

"Without FCLF's support, we would not have been able to deliver the services our area so desperately needs. We look forward to a lifetime relationship." – Tom Griffin, CEO

The Transition House, Inc.

"We are delighted to partner with you to serve those most in need in our communities." – Eileen S. Coogan, President & CEO

Allegany Franciscan Ministries

"FCLF plays a significant role in sustaining vibrant and thriving communities. We are pleased to support your ongoing community based efforts." – Ernie Diaz, South Florida Market President

TD Charitable Foundation

"FCLF understands and is a part of what we are doing: helping families have the American dream of owning a home." – Isaac Simhon, Executive Director

Housing Programs, Inc.

"FCLF demonstrates a mission-oriented philosophy that is compatible and supportive, broadens our platform and deepens our portfolio of products and services." – Kent Adcock, CEO

Habitat for Humanity of Lake-Sumter

"FCLF has proven its community impact and hard work. We are proud to partner with FCLF." – Leslie Watson, Analyst, Community Investments

Dignity Health

"FCLF made it possible for us to provide many special needs and low-income students with the educational services that they need." – Charlotte Tollefson, Director & Founder

Woodlawn Community Academy

"I recommend FCLF for attracting investment to the Florida Preservation Fund... I believe that says something about investor comfort." – Nancy Muller, Policy Director

Florida Housing Finance Corp.

"We couldn't achieve our mission of creating strong neighborhoods without FCLF's help. Their staff is always friendly, quick to respond, and efficient." – Bonnye Deese, Executive Director

BAND

"We appreciate how the work of FCLF primarily benefits low- to moderate-income individuals and areas and supports the needs of our community." – Maria J. Thompson, Community Development Manager

Third Federal Savings

"We consider FCLF a valued partner and strong advocates for low-income communities and families. We look forward to many more years of working together." – Jennifer Westerbeck, Vice President

US Bancorp CDC

"Trinity Health is happy to partner with FCLF. We look forward to seeing the impact in the communities you serve." – Sr. Kathleen Coll, SSJ, Administrator, Shareholder Advocacy

Trinity Health

"We commend the important work of your organization, are glad to support its efforts." – Beverly Dabney

JPMorgan Chase Foundation

"FCLF is a difference maker! Their team provides solutions to bring about real change in a community." – Tim Marks, President & CEO

Metropolitan Ministries

"We appreciate the accomplishments your organization attains." - Robert Sucher, Executive VP

Sabadell United Bank

"Cade Museum is proud to be partners with FCLF and JPMorgan Chase. Thanks to the NMTC Program, we will provide a transformative asset to our community." – Jennifer Denault, COO

Cade Museum for Creativity & Inventi…

"We couldn’t have pulled this project together without FCLF as partners. This is the start of great work in Jacksonville’s historic Springfield district." – Kevin Gay, Exec. Director

Operation New Hope

"Our partnership with FCLF will allow us to build an attractive, state of the art facility that patients, staff, and community will be proud of." – Bakari Burns, President-CEO

Orange Blossom Family Health

Our Partners

duPont Fund and FCLF
The duPont Fund used FCLF and NMTC Financing to revitalize downtown Jacksonville.
FCLF and Florida Housing Coalition
FCLF representatives are ready to talk about your project success.
Neighbor Up, Affordable Housing
Neighbor Up, formerly BNDC, offers affordable housing in Brevard County.
FCLF Board and Staff
FCLF Board Members represent our investors, borrowers, and technical experts.
KIPP Jacksonville
Rep. Ander Crenshaw visited KIPP Jacksonville School
RCRI Conference 2012
The RCRI Conference allows FCLF staff to touch base with our religious supporters.
ASPIRA of Florida Aspirantes
ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.
ASPIRA of Florida and FCLF
FCLF CEO and one of our supporters visit the ASPIRA Arts Deco school.
Metro Min Grand Opening
FCLF staff with local supporters at Metropolitan Ministries Tampa.
Million Meals 2012
FCLF staff and supporters volunteer at Million Meals event.
Emma Jewel Academy and FCLF
Emma Jewel Charter Academy offers education for the whole child in Brevard County.
BNDC Greater Heights
Greater Heights offers new, safe, affordable rental homes in what was formerly a high crime area.
FLACDC Conference
FCLF Staff meet and greet friends at an FLACDC event.
Casa San Juan Bosco and FCLF
Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.
Emma Jewel Charter Academy
Nutritious snacks are a part of the healthy focused curriculum at Emma Jewel Charter Academy.
DuPuis Pointe Miami
DuPuis Pointe offers affordable, hurricane proof homes in Miami.
Neighbor Up and FCLF
FCLF Chief Lending Officer visits with the Executive Director of Neighbor Up (formerly BNDC)
FCLF at Florida Housing Conference
FCLF staff are active at statewide conferences and events.
Casa San Juan Bosco and FCLF
New rental homes are available for farmworker families at Casa San Juan Bosco.
Haley Park Construction
FCLF projects create jobs and stimulate development in low-income communities.
Northern Trust Roundtable
FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.
FCLF and Rep. Webster
Rep. Daniel Webster visited FCLF staff.
TD Charitable Foundation, TD Bank
TD Charitable Foundation and TD Bank have supported FCLF's mission since 2006.
MTZ Carver Construction
FCLF projects create jobs and stimulate development in low-income communities.
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Our Vision Opportunity and dignity exist for every person and community in Florida.
Our Mission Our expertise and capital make projects successful and help organizations improve lives and communities.