Florida Community Loan Fund and Miracle Place were featured in the May 31 edition of the Tampa Bay Business Journal.
Tampa Bay Business Journal's Margie Manning recently met with Nelson Black, Florida Community Loan Fund's Director of Lending, to discuss FCLF's New Markets Tax Credit (NMTC) Program, and how it is helping Metropolitan Ministries expand its services in the community.
The full article appears on the Tampa Bay Business Journal website. The following is an excerpt.
The Florida Community Loan Fund Inc. is providing $10 million from a New Markets Tax Credit allocation for Metropolitan Ministries’ Miracle Place, a $19.4 million, 93,000-square-foot project providing community services for the homeless.
Under the New Markets program, taxpayers receive a credit against federal income taxes for making qualified equity investments in community development entities; substantially all of the equity investment must in turn by used by the CDE to provide investments in low-income communities.
The Florida Community Loan Fund has received five rounds of New Markets funding, the most recent a $40 million allocation in April.
The Metropolitan Ministries funding is part of an intentional effort by Nelson Black, director of lending, to raise the profile of the Florida Community Loan Fund in Tampa. To aid that effort, Black and Cindy Ross, loan officer, recently moved to a new office in downtown Tampa.
Tampa Bay Business Journal: How did you select the Metropolitan Ministries project for funding?
Black: This came right about the time we won our last round of funding. I had been trying to find a project to do in Tampa for a while. I was going around talking to public officials with someone from Chase Bank who does New Markets … We met with Metropolitan Ministries and it came together quickly from there. We had an allocation available and they had the plans ready but not all the funding in place. This allowed them to jump-start the project.
To read more about Metropolitan Ministries, click here.
View more photos on our Flickr page.
