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.

"It is really working. FCLF is really touching low-income people." – Florida Community Loan Fund Founding Board Member

Sister Mary Heyser, RSHM

"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

"Thanks to FCLF, we are one step closer to providing a permanent housing solution for veterans and others seeking quality housing at an affordable price." – Carrie Davis, Executive Director

Wealth Watchers

“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

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

Allegany Franciscan Ministries

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

JPMorgan Chase Foundation

“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

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

Sabadell United Bank

"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

"Our partnership with FCLF helps the American Dream of homeownership come true." – Michael Roberts, Exec Dir

R.E.A.C.H.

"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

"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.

"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

"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

"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 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

"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.

"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

"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

"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

Our Partners

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