Florida Community Loan Fund provides $6.1 million NMTC and $2.2 million financing for Orange Blossom Family Health new location.
Florida Community Loan Fund (FCLF), a statewide source of flexible financing for community and economic development, has closed $6.1 million in New Markets Tax Credit (NMTC) financing that will enable Orange Blossom Family Health to build a new 11,600 square-foot Federally Qualified Health Care facility in Orlando. The project will provide 134 jobs and serve an additional 5,000 new patients annually in a medically underserved area. FCLF provided an additional $2.2 million in community development financing to the new OBFH project.
A majority of OBFH’s patients are uninsured (70%) and live below poverty level (75%). All patients – including homeless and uninsured – are offered full medical, dental, vision, behavioral health, and pharmacy services, regardless of ability to pay.
This NMTC project is a primary example of FCLF’s emphasis on providing quality healthcare to at-risk populations – including projects such as Central Florida Health Care and Evans Center. OBFH has received support for this project from the City of Orlando and Orange County through the CDBG program.
“Quality healthcare should be available in every community, even for individuals who live outside the economic mainstream,” said FCLF CEO Ignacio Esteban. “Using tools like NMTC, Orange Blossom Family Health is bringing services to an area that had no other medical providers caring for to the uninsured or those unable to pay.”
“As we strive to ensure access to quality health care services for all of our community members regardless of their financial situation, we feel that it is also important that our facilities are attractive, welcoming and state of the art. Our partnership with FCLF is allowing us to build a facility that our patients, staff and community can all be proud of.” – Bakari Burns, President & CEO, Orange Blossom Family Health
Learn more about Florida Community Loan Fund and Orange Blossom Family Health in this article.
FCLF has participated in the NMTC Program since 2004 and been awarded a total of $316 million in NMTC allocation authority from the U.S. Department of Treasury Community Development Financial Institutions (CDFI) Fund. The NMTC Program is designed to attract capital investments into large scale, high priority, locally determined projects statewide.
About Florida Community Loan Fund. Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 20+ year history of providing flexible capital and expertise to low income communities across Florida. FCLF is nationally recognized for its work as a certified CDFI and CDE through the U.S. Dept. of Treasury and as a member of the Federal Home Loan Bank of Atlanta. FCLF has financed $323 million through 300 loans in Florida, making possible over $940 million in new investments in low-income communities.
Click here to view this Press Release on PRNewswire.
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