Award funding will increase affordable housing production and supply across Florida

Florida Community Loan Fund, a statewide nonprofit community development financial institution, announced a $10 million Capital Magnet Fund Award from the U.S. Department of Treasury Community Development Financial Institutions (CDFI) Fund. This award funding will allow FCLF to provide low-cost, flexible financing to affordable rental housing projects across Florida.

The effect of housing costs on low- and very low-income households in Florida is profound, with 9 of 10 families forced to choose between rent and other necessities. Additionally, there is a shortage of affordable homes – only 38 available homes per 100 very low income families; substantially lower than the U.S. average of 60 per 100.

FCLF will use the Capital Magnet Fund award to provide construction and permanent financing for affordable rental housing developments in Florida. Eligible projects must be able to commit that at least 45% of units will be affordable to persons earning 50% or below of the area median income for a minimum of 10 years. FCLF will deliver the capital in areas of economic distress.

FCLF has a 27-year history of maximizing opportunities for residents of Florida’s low-income communities, having provided $542 million in flexible financing to support more than $1.35 billion in project costs. With its track record, FCLF can make an immediate impact on efforts to increase the supply of – and curtail the loss of – affordable housing, and provide direct relief in addressing Florida’s worsening housing crisis.

“Skyrocketing real estate market prices in Florida make it more difficult than ever for projects seeking to create affordable rental housing to pencil out,” said Ignacio Esteban, FCLF CEO. “With help from this new infusion of capital from the CDFI Fund, FCLF will create financing solutions to make more affordable rental housing developments possible.”

To date, FCLF financing has produced over 6,000 units of affordable housing statewide, including:

• Warley Park, $19 million project in Sanford, 81 apartments with on-site services for veterans and formerly homeless.
• Silver Creek, $25 million project in Miami, 90 apartments with rent as low as $365 per month.

The Capital Magnet Fund Program competitively awards funds to CDFIs and qualified nonprofit housing organizations that can be used to finance affordable housing, economic development, and community service facilities – attracting private capital to economically distressed communities. CMF awards must be used to leverage housing and economic investments at least 10 times the size of the award amount. More information on the 2022 Capital Magnet Funds Award is on the CDFI Fund website.

About Florida Community Loan Fund. Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 27-year history of providing flexible capital and expertise to nonprofit and mission-aligned for-profit entities that benefit people and places outside the economic mainstream 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. www.fclf.org.

Media contact, Janet de Guehery, This email address is being protected from spambots. You need JavaScript enabled to view it.

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