FCLF Annual Report 2023 header image



At Florida Community Loan Fund, we are driven by a single, unwavering core purpose: to maximize opportunities for people and places outside of the economic mainstream. This purpose guides every decision we make, every investment we commit, and every relationship we cultivate.

FCLF understands that capital is a powerful tool for positive change. Through our core programs – community development financing and New Markets Tax Credit − we are providing capital that flows throughout the State of Florida. This flexible capital allows our borrowing partners to grow their impact, reach more individuals, and amplify their missions, thus extending the reach of existing resources and empowering organizations to unlock their full potential.

With the support of our investors and partners, FCLF achieved significant milestones in 2023, including:

  • Record-setting loan production: $82 million in financing, with 33% dedicated to affordable and supportive housing and 67% supporting community facilities.
  • Continued investment in distressed communities: $40 million in New Markets Tax Credit allocation received from the CDFI Fund and three projects funded through the program.
  • Promoting diversity: 86% of our CDF and NMTC financing was invested in communities of color. 
In our 2023 Annual Report we share highlights of this year's activities that exemplify the impact created by FCLF's investment in Florida communities. We invite you to read on – or explore the full report – to learn more about how we are attracting new capital to the state, providing flexible financing to create affordable housing and deliver social services, and celebrating success with our borrowing partners.
We are incredibly grateful for the support of support of our investors and supporters. By investing in FCLF, you are directly contributing to the success of our borrowers and the communities they serve. Your trust allows us to continue making a positive difference in the lives of low-income residents across Florida. Together, we are building a brighter future for our communities.
Everything we do revolves around our Core Purpose, which states:
“... to maximize opportunities for people and places outside the economic mainstream.”


Escalating housing costs have a profound impact on low-income households in Florida, forcing families to choose between rent and other necessities. Over the years, developing financially-viable affordable housing has become increasingly challenging for our borrowers to accomplish due to rising costs. 

As a leading provider of flexible capital, FCLF has created solutions and provided tools to support low-income communities and increase the production and availability of affordable housing. One tool that can be a powerful solution to creating more affordable rental housing is the Capital Magnet Fund (CMF).

Administered by the U.S. Dept. of Treasury’s CDFI Fund, CMF awards competitive grants to CDFIs and nonprofit housing organizations to spur investment in affordable housing across the country. 

In fiscal 2023, Florida Community Loan Fund was awarded a $10 million CMF grant, thus securing a new tool to help high-impact projects succeed. 

FCLF continuously seeks to attract new capital to Florida, and CMF’s innovative financing provides the additional resources our nonprofit and for-profit partners need to grow their organizations and reach more Floridians with affordable housing and services.

 Capital Magnet Fund Projects Financed to Date

Colonnade Park developed by Green Mills GroupInveness • 106 affordable housing units in Inverness • $18.1 million total project cost

Apollo Gardens developed by Carrfour Supportive Housing • Titusville • 80 affordable & supportive housing units • $27.2 million total project cost 
Gardens of Homestead developed by MRK Partners • 233 affordable housing units • $76.2 million total project cost 
Saint Stephen’s Way • Melbourne • 40 affordable & supportive housing units • $12.8 million total project cost 
“FCLF’s long-term permanent debt helps us develop beautiful homes and serve families in need of affordable housing. Colonnade Park is Green Mills Group’s fourth project with FCLF. We look forward to more partnerships.”
- Mitch Rosenstein, Principal

Saint Stephen’s Way, Melbourne

Saint Stephen’s Way will consist of 40, three-bedroom apartments in 8 buildings and includes the Holman Community Center, named for missionary Nellie Holman who originally owned the land. SSW will meet critical housing needs for families with incomes below 50% of the Area Median income (AMI) and provide residents access to supportive services from area agencies. With construction financing from Florida Community Loan Fund, Saint Stephen’s Way began development in 2022 with an expected completion date of early 2024. Built on land donated by a local church, SSW will serve between 124 and 240 residents annually, with a focus on families with school-aged children.


• $8.25 million FCLF financing
• 40 supportive housing units + community center
• majority minority census tract

Impactful Investment Partners, Tallahassee

Impactful Investment Partners provides affordable rental housing in Tallahassee’s distressed communities. With FCLF financing, this BIPOC- and woman-owned small business is renovating a 7-unit apartment building in Tallahassee’s histrically African American Bonds neighborhood. The 2-bedroom units will be affordable to low-income families and eligible for the Housing Choice Voucher program. Built in the 1960s, the apartment complex was in disrepair and had become an eyesore. Many surrounding neighbors fondly remember when they or other friends and family lived at this location, and they look forward the completion of the renovations.


• $510,000 FCLF financing
• 7 affordable rental housing units
• minority- and woman-owned business
• majority minority census tract


Feeding Tampa Bay

Feeding Tampa Bay has served over 772 million meals to people facing food insecurity in 10 West Central Florida counties for more than 40 years. Food insecurity most often affects children, seniors, and communities of color. 1 in 6 adults and 1 in 4 children in the region don’t have enough to eat. With financing through Florida Community Loan Fund and the New Markets Tax Credit program, Feeding Tampa Bay is building a new 215,000 square-foot Hunger Relief Center that will facilitate a one-stop opportunity for area residents to resolve multiple barriers to self-sufficiency. FTB also offers job training in culinary arts, warehouse logistics, and CDL driving through a program that offers a stipend to trainees and has a job placement success rate of 70%.


• $63.5 million total project budget
• $12 million FCLF NMTC allocation
• $9.5 million FCLF community development financing
• construction of new 215,000 sq-ft facility
• estimated reach 716,000 annually • 335 jobs created or retained

Lotus Children’s Village, Miami

Lotus Children’s Village will provide a new multi-provider children’s neighborhood education and resource center in Miami’s Overtown neighborhood. Lotus House and over 10 other area nonprofits and community-based organizations will collaborate onsite to offer a wide range of services and community resources. This collective impact model provides services and programming that heal, empower, and uplift children, youth, and families that are among the most vulnterable in the Miami-Dade community. This is FCLF’s 2nd New Markets Tax Credit transaction with the organization; we previously provided NMTC allocation for Lotus Village which provides shelter and support to women, youth, and cildren experiencing homelessness.


• $32.1 million total project budget
• $19 million FCLF NMTC allocation
• construction of new 71,280 sq-ft facility
• estimted reach 13, 400 annually
• 158 jobs created or retained


Habitat for Humanity Greater Orlando & Osceola County

Habitat for Humanity Greater Orlando & Osceola County has built, rehabbed, and repaired more than 800 homes since it was founded in 1986. Florida Community Loan Fund provided a construction line of credit for new, affordable single-family homes in two projects: Juniper Bend and Holden Heights. In these communities, the household average median income is from 60% to 74% of the area median income; and 30% of area residents live at or below the poverty level. With mortgage payments never exceeding 30% of income, Habitat Orlando & Osceola’s clients become residents invested in their community, and households that contribute to improving the local economy.


• $1.25 million FCLF financing
• construction line of credit
• 29 new single-family affordable homes for ownership

R.E.A.C.H., Tampa and Miami-Dade

R.E.A.C.H. – or Real Estate Education and Community Housing – acquires foreclosed and donated properties in the Tampa and Miami-Dade areas and renovates them as for-sale affordable housing. R.E.A.C.H. also offers homeownership education, budget counseling, and foreclosure prevention programs. By the time a home is renovated, R.E.A.C.H. can prepare a family to secure the purchase through its services. FCLF provided a $3 million revolving line of credit in 2016, which has financed acquisition and rehab of more than 75 homes available for sale to low- and moderate-income families through a total over $13 million in FCLF financing. Founded in 2006, R.E.A.C.H. is making a significant impact in the communities it serves.


• $13.3 million FCLF financing
• revolving credit line to purchase and renovate homes
• 75 homes to date for sale or rent


$642 Million
housing units
community facilities
jobs created or retained
Floridians reached annually with services


Statement of Financial Position

Statement of Activities

Stmt Activities 2023

Loan Portfolio by Sector

portfolio by sector 2023

Summaries based on 2023 Audited Financial Statements.


Religious Organizations • Adrian Dominicans • Archdiocese of Miami • Diocese of Palm Beach • Diocese of Venice • Mercy Partnership Foundation • Oblates of St. Francis de Sales • Religious Communities Impact Fund • Religious of the Sacred Heart of Mary, In Memory of Sr. Mary Heyser • School Sisters of Notre Dame (Maryland) • Sinsinawa Dominican Sisters • Sisters of Charity of Nazareth • Sisters of Charity of St. Elizabeth • Sisters of Providence • Sisters of St. Francis of Philadelphia • Sisters of the Blessed Sacrament • Sisters of the Holy Names of Jesus and Mary • Sisters of the Sacred Heart of Mary • Trinity Health • Union for Reform Judaism

Financial Institutions and Corporations • Amerant • Banesco USA • Bank of America • BankUnited • BBVA Compass • BMO Harris Bank • City National Bank of Florida • Comerica Bank • FineMark National Bank & Trust • Fifth Third Bank • First Citizens Bank • First Horizon Bank • First Republic Bank• Florida Capital Bank • HSBC Bank USA, NA • Northern Trust • PNC Bank • Raymond James Bank • Regions Bank • Santander Bank • Seaside National Bank & Trust • SouthState Bank • Synovus Bank • TD Bank • Third Federal Savings & Loan • TIAA Bank • Truist Bank • Trustco Bank • United Community Bank • US Bancorp Community Development Corporation • US Bank, NA • Valley Bank • Wells Fargo Bank

Foundations • Bank of America Foundation • Erich and Hannah Sachs Foundation • The Father's Table Foundation • Health Foundation of South Florida • JPMorgan Chase Foundation • PNC Foundation • TD Charitable Foundation • Wells Fargo Foundation

Nonprofit Organizations • Good to Grow Fund • Miami Homes for All • Opportunity Finance Network

Government Agencies • Community Development Financial Institution (CDFI) Fund of the U.S. Department of the Treasury • Florida Department of Agriculture and Consumer Services, Division of Food, Nutrition and Wellness

Individuals • G. Dawson • M. & V. Simmons

Includes investors and supporters for the past three years.


Claire Raley, Chair. Senior VP, CRA/Community Development Officer, BankUnited, N.A.
Tina Brown, Vice Chair. CEO, OYC Miami
Germaine Smith-Baugh, 2nd Vice Chair. Preisdent & CEO, Urban League of Broward County
Judith Rimbey, OP, Treasurer. Business Office Assistant, Cardinal Newman High School
Victor Rivera, Secretary. SVP, Senior Relationship Manager, Business Banking, Bank of America

Alfred Arzuaga, President, Orlando Neighborhood Improvement Corp.
Ana Castilla, Vice President, Community Development Manager, TD Bank
Ernest Coney, Jr., President & CEO, CDC of Tampa
Alecia Dillon, CFO, Health Foundation of South Florida
Jack Humburg, Chief Operating Officer, Boley Centers, Inc.
Annie Neasman, President and CEO, Jessie Trice Community Health System
David R. Punzak, Esquire
John Talmage, Director, Lee County Economic Development Office
Core Purpose FCLF exists to maximize opportunities for people and places outside of the economic mainstream.
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.

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