ASPIRA Eugenio Maria de Hostos Charter School

12 December 2011

aspira-aspirantes-300x200ASPIRA of Florida purchases building for expansion of its Eugenio Maria de Hostos school in Wynwood neighborhood of Miami.

Florida Community Loan Fund (FCLF) is pleased to announce financing of the acquisition and renovation of a building housing ASPIRA E.M. de Hostos charter school. The project, the 2nd for ASPIRA of Florida and FCLF, was made possible through the New Markets Tax Credit (NMTC) Program. Funding utilizing both federal and state tax credits was provided through a partnership with Fifth Third Bank, Stonehenge Capital, and U.S. Bancorp Community Development Corporation.

ASPIRA of Florida is a non-profit organization operating charter schools, after-school programs, and community outreach programs in South Florida, with an emphasis on education of Latino and other minority youth. The ASPIRA E.M. de Hostos middle school serves primarily low-income children, with 98% of its students Title I qualified. A portion of the building was previously leased to the school, and this financing will allow expansion so that the school can increase the size of the student body from 500 to 850 students. In addition to construction jobs during renovation, an estimated 56 permanent jobs will be created or maintained.

ASPIRA received a financing package totaling $8.4 million to purchase and renovate the 3-story, 60,000 square foot building. Through the NMTC structure ASPIRA received a $5.2 million below market rate loan and will be receiving up to $3.2 million in additional equity funding.

"This is a dream come true for our students, and will help not only our children but the community as a whole," said George Cabrera, CFO of ASPIRA of Florida, Inc. "As we celebrate our 30 year anniversary, this transaction confirms our impact to this community for more years to come."

Nelson Black, Director of Lending at the Florida Community Loan Fund, noted that he worked with ASPIRA on this project since planning began 4 years ago. "It's a prime example of the benefits of the U.S. Government's NMTC Program, which was conceived to encourage economic development in very low-income communities. And this charter school's expansion has the kind of community impact in the Wynwood neighborhood that the NMTC program was designed to support."

FCLF closed its first loan under the NMTC Program in 2007, and has been a successful partner now in 8 transaction, including 3 charter schools, 2 health-related facilities, and 3 Green projects; all of which create jobs and economic growth in their communities. To date these projects have created an estimated 1,418 temporary and 1,092 permanent jobs.


For more information:
FCLF, visit www.fclf.org
ASPIRA of Florida, visit www.aspirafl.org
The NMTC program, visit www.cdfifund.gov

To view this announcement as a web page, click here.

"Our partnership with FCLF allows 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

"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

"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.

"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

“FCLF addresses local community needs, which aligns with our core values. We appreciate your commitment to our communities.” – Mellissa Slover-Athey, Comm Reinv Ofcr

CenterState Bank

“Thanks to FCLF adults with disabilities are living independently, fully included in their community." – Sheryl Soukup, Exec Dir

Residential Options of Florida

“We cannot thank FCLF enough for this partnership, creating permanent housing for our neighbors in need, and their commitment to Florida communities.” – Shannon Nazworth, President & CEO

Ability Housing

"FCLF shows a clear strategy and demonstrated evidence of addressing prevalent community needs." – J. Reymundo Ocañas, Director, Corp Responsibility

BBVA Compass

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

JPMorgan Chase Foundation

"The Fathers Table Foundation appreciates the services FCLF provides and the impact on the communities you serve. We believe in your organization and your mission." – Dan Gilardi, President

Fathers Table Foundation

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

Sabadell United Bank

“Expanding our facility with NMTC financing provides the Overtown community resources necessary to provide a fighting chance to break down barriers and break the cycles of poverty.” – Tina Brown, CEO

Overtown Youth Center

"BankUnited understands the challenges facing our communities; we applaud FCLF's efforts. Thank you for making our community a better place to live." – Katrina Wright, VP Comm. Dev.

BankUnited

"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

“Thank you so very much for the exceptional services. We truly value FCLF’s contributions to furthering our mission." – Michael L. Bean, CEO

Housing Authority of Brevard County

"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 a keen knowledge of Florida challenges & opportunities. We are confident our investment will be used to improve lives." – Kathleen Rizzo Young, Sr. VP, Community Development

HSBC Bank USA, N.A.

“The partnership with FCLF is very exciting for us – an essential component in providing greater access to fresh healthy food in downtown New Port Richey.” – Jeff Wright, Owner

Wright's Natural Market

"FCLF staff shares our vision and commitment to serve needy families and provide a high quality education to all children." – Thomas Cole, Founder

Emma Jewel Charter Academy

Our Partners

FCLF staff with local supporters at Metropolitan Ministries Tampa.
FCLF staff with local supporters at Metropolitan Ministries Tampa.
ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.
ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.
FCLF staff and US Legislative staff at an event honoring Youth of the Year.
FCLF staff and US Legislative staff at an event honoring Youth of the Year.
Rep. Ander Crenshaw visited KIPP Jacksonville School
Rep. Ander Crenshaw visited KIPP Jacksonville School
FCLF projects create jobs and stimulate development in low-income communities.
FCLF projects create jobs and stimulate development in low-income communities.
FCLF representatives are ready to talk about your project success.
FCLF representatives are ready to talk about your project success.
Nutritious snacks are a part of the healthy focused curriculum at Emma Jewel Charter Academy.
Nutritious snacks are a part of the healthy focused curriculum at Emma Jewel Charter Academy.
Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.
Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.
FCLF CEO and one of our supporters visit the ASPIRA Arts Deco school.
FCLF CEO and one of our supporters visit the ASPIRA Arts Deco school.
FCLF Staff are on hand at conferences and events to discuss our programs.
FCLF Staff are on hand at conferences and events to discuss our programs.
Support from TD Bank Charitable Foundation helps FCLF build strong communities.
Support from TD Bank Charitable Foundation helps FCLF build strong communities.
FCLF Chief Lending Officer visits with the Executive Director of Neighbor Up (formerly BNDC)
FCLF Chief Lending Officer visits with the Executive Director of Neighbor Up (formerly BNDC)
New rental homes are available for farmworker families at Casa San Juan Bosco.
New rental homes are available for farmworker families at Casa San Juan Bosco.
FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.
FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.
Neighbor Up, formerly BNDC, offers affordable housing in Brevard County.
Neighbor Up, formerly BNDC, offers affordable housing in Brevard County.
Rep. Daniel Webster visited FCLF staff.
Rep. Daniel Webster visited FCLF staff.
FCLF and NMTC are creating a new facility for the Boys & Girls Clubs of Manatee County
FCLF and NMTC are creating a new facility for the Boys & Girls Clubs of Manatee County
Support from Valley Bank helps FCLF build strong communities.
Support from Valley Bank helps FCLF build strong communities.
FCLF and the NMTC Program renovated a historic building into a small business incubaor.
FCLF and the NMTC Program renovated a historic building into a small business incubaor.
FCLF Board Members represent our investors, borrowers, and technical experts.
FCLF Board Members represent our investors, borrowers, and technical experts.
FCLF Financing to Neighbor Up Brevard helps provide affordable rental housing.
FCLF Financing to Neighbor Up Brevard helps provide affordable rental housing.
FCLF financing to Housing Programs, Inc. helps provide affordable homes for ownership.
FCLF financing to Housing Programs, Inc. helps provide affordable homes for ownership.
FCLF staff are active at statewide conferences and events.
FCLF staff are active at statewide conferences and events.
The RCRI Conference allows FCLF staff to touch base with our religious supporters.
The RCRI Conference allows FCLF staff to touch base with our religious supporters.
DuPuis Pointe offers affordable, hurricane proof homes in Miami.
DuPuis Pointe offers affordable, hurricane proof homes in Miami.
Support from Axiom Bank helps FCLF build strong communities.
Support from Axiom Bank helps FCLF build strong communities.
FCLF projects create jobs and stimulate development in low-income communities.
FCLF projects create jobs and stimulate development in low-income communities.
FCLF Staff meet and greet friends at an FLACDC event.
FCLF Staff meet and greet friends at an FLACDC event.
TD Charitable Foundation and TD Bank have supported FCLF's mission since 2006.
TD Charitable Foundation and TD Bank have supported FCLF's mission since 2006.
Emma Jewel Charter Academy offers education  for the whole child in Brevard County.
Emma Jewel Charter Academy offers education for the whole child in Brevard County.
Greater Heights offers new, safe, affordable rental homes in what was formerly a high crime area.
Greater Heights offers new, safe, affordable rental homes in what was formerly a high crime area.
The duPont Fund used FCLF and NMTC Financing to revitalize downtown Jacksonville.
The duPont Fund used FCLF and NMTC Financing to revitalize downtown Jacksonville.
Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.
Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.
FCLF staff and supporters volunteer at Million Meals event.
FCLF staff and supporters volunteer at Million Meals event.
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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.