CDFI Fund Reports on Data from New Markets Tax Credit Program

18 December 2018

CDFI NMTC Report Dec 18The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released a summary report and data collected on the New Markets Tax Credit (NMTC) Program through fiscal year 2016.

Through 14 application rounds of the NMTC Program, the CDFI Fund has made 1,105 awards, allocating a total of $54 billion in tax credit authority to CDEs through a competitive application process. Since the NMTC program’s inception, the CDFI Fund has allocated tax credit authority to 413 Community Development Entities (CDEs) headquartered in 45 states, the District of Columbia, Puerto Rico and Guam.

Highlights of the report include:

  • nearly 69 percent of NMTC investments made through 2016 have been concentrated in single/mixed-use real estate, health care and social assistance, manufacturing, and educational services
  • the extent that CDEs go beyond the minimum statutory distress requirements of the NMTC Program by committing to serve areas of higher distress, rural areas or targeted populations
  • that CDEs leverage the NMTC to offer financing with flexible or non-traditional rates and terms 

Florida Community Loan Fund has been certified as a CDE (Community Development Entity) by the CDFI Fund since 2003 and has been an active participant in the NMTC program, with allocation awards totaling $316 million. Examples of FCLF NMTC projects that bring jobs, economic development, and needed services to distressed communities include:

  • Boys & Girls Clubs of Manatee County, building a new facility to reach 2,400 children and youth annually with programs focusing on academic excellence, good character and citizenship, and healthy lifestyles. Learn more here.
  • Central Florida Health Care, expanding a system of full service Federally Qualified Health Care locations in rural Florida with a focus on low-income and uninsured individuals and reaching 30,000 annually. Learn more here.
  • Armature Works, restoring a historic building in Tampa that provides 750+ jobs while providing space for access to healthy foods and encouraging local businesses with affordable retail and office space. Learn more here.

Learn more about Florida Community Loan Fund's NMTC Program here.
Read the press release from the CDFI Fund, December 18, 2018.

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

BBVA Compass

“Thanks to FCLF we’re able to provide brand-new safe, affordable homes for 90 families in a sustainable mixed-use, mixed-income community." – Mitchell Rosenstein, Founder & Principal

Green Mills Group

"When nobody else would take a chance on us, FCLF did. Woodlawn is thriving today and we will always be grateful for your part in that.." – PeterTollefson, Dean of Students

Woodlawn Community Academy

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Dignity Health

"Aida Palms will be a lasting asset to the City of Lakeland. This revitalization wouldn't be possible without financing partners like FCLF." – Mitchell Rosenstein, Principal, Green Mills Group

Aida Palms

"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…

"Our relationship with FCLF provides the capital to achieve long-lasting impact." – Terri Murray, Exec Dir

Neighborhood Renaissance

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Allegany Franciscan Ministries

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Sabadell United Bank

"I appreciate FCLF for lending in rural areas, where many other lenders are exiting. From the first moment we spoke with FCLF staff, we felt we had a partner." – Jamie Kerr, President, AMCS Dev.

Griffin Heights

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Camillus House

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Wright's Natural Market

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JPMorgan Chase Foundation

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Brevard Neighborhood Development Coaliti…

"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

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Habitat for Humanity of Lake-Sumter

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St. Johns Housing Partnership

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Florida Community Bank

"We're thrilled to partner with FCLF to make our project a reality to serve generations of kids in our community." – Dawn Stanhope, President & CEO

Boys & Girls Clubs of Manatee County

“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

Our Partners

RCRI Conference 2012
The RCRI Conference allows FCLF staff to touch base with our religious supporters.
MTZ Carver Construction
FCLF projects create jobs and stimulate development in low-income communities.
FCLF and Florida Housing Coalition
FCLF representatives are ready to talk about your project success.
ASPIRA of Florida and FCLF
FCLF CEO and one of our supporters visit the ASPIRA Arts Deco school.
duPont Fund and FCLF
The duPont Fund used FCLF and NMTC Financing to revitalize downtown Jacksonville.
Neighbor Up and FCLF
FCLF Chief Lending Officer visits with the Executive Director of Neighbor Up (formerly BNDC)
Mathis Place Resident
Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.
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FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.
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FCLF staff and supporters volunteer at Million Meals event.
Emma Jewel Charter Academy
Nutritious snacks are a part of the healthy focused curriculum at Emma Jewel Charter Academy.
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FCLF Staff meet and greet friends at an FLACDC event.
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FCLF and Rep. Webster
Rep. Daniel Webster visited FCLF staff.
Boys & Girls Clubs of Manatee
FCLF staff and US Legislative staff at an event honoring Youth of the Year.
KIPP Jacksonville
Rep. Ander Crenshaw visited KIPP Jacksonville School
Casa San Juan Bosco and FCLF
New rental homes are available for farmworker families at Casa San Juan Bosco.
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Neighbor Up, formerly BNDC, offers affordable housing in Brevard County.
Haley Park Construction
FCLF projects create jobs and stimulate development in low-income communities.
Casa San Juan Bosco and FCLF
Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.
ASPIRA of Florida Aspirantes
ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.
TD Charitable Foundation, TD Bank
TD Charitable Foundation and TD Bank have supported FCLF's mission since 2006.
DuPuis Pointe Miami
DuPuis Pointe offers affordable, hurricane proof homes in Miami.
Emma Jewel Academy and FCLF
Emma Jewel Charter Academy offers education for the whole child in Brevard County.
Metro Min Grand Opening
FCLF staff with local supporters at Metropolitan Ministries Tampa.
TD Bank Charitable Foundation
Support from TD Bank Charitable Foundation helps FCLF build strong communities.
Boys & Girls Clubs of Manatee
FCLF and NMTC are creating a new facility for the Boys & Girls Clubs of Manatee County
Housing Programs, Inc.
FCLF financing to Housing Programs, Inc. helps provide affordable homes for ownership.
Armature Works
FCLF and the NMTC Program renovated a historic building into a small business incubaor.
FCLF at Florida Housing Conference
FCLF staff are active at statewide conferences and events.
FCLF Board and Staff
FCLF Board Members represent our investors, borrowers, and technical experts.
FCLF at Florida Housing Conference
FCLF Staff are on hand at conferences and events to discuss our programs.
Greater Heights Resident
FCLF Financing to Neighbor Up Brevard helps provide affordable rental housing.
BNDC Greater Heights
Greater Heights offers new, safe, affordable rental homes in what was formerly a high crime area.
Valley Bank
Support from Valley Bank helps FCLF build strong communities.
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