Florida Community Loan Fund Awarded $10 Million from Capital Magnet Fund

27 June 2022
FCLF Capital Magnet Fund AwardAward 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.

Twitter @FCLFOrg

 

"We consider FCLF a valued partner and strong advocates for low-income communities and families. We look forward to many more years of working together." – Jennifer Westerbeck, Vice President

US Bancorp CDC

“Thank you so very much for the exceptional services. We truly value FCLF’s contributions to furthering our mission." – Michael L. Bean, CEO

Housing Authority of Brevard County

“FCLF addresses local community needs, which aligns with our core values. We appreciate your commitment to our communities.” – Mellissa Slover-Athey, Comm Reinv Ofcr

CenterState Bank

“Expanding our facility with NMTC financing provides the Overtown community resources necessary to provide a fighting chance to break down barriers and break the cycles of poverty.” – Tina Brown, CEO

Overtown Youth Center

“FCLF is much more than a financing entity; they are the ultimate partner. They are on the front line protecting and building resources for the most vulnerable in our community."– Seth Eisenberg

Purpose Built Families Foundation

"FCLF is a difference maker! Their team provides solutions to bring about real change in a community." – Tim Marks, President & CEO

Metropolitan Ministries

“We are proud to partner with FCLF on this project, which expands access to innovative, quality, comprehensive primary healthcare in our communities.” – Annie Neasman, President & CEO

Jessie Trice Community Health

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

Sister Mary Heyser, RSHM

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

JPMorgan Chase Foundation

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

Sabadell United Bank

"FCLF demonstrates a mission-oriented philosophy that is compatible and supportive, broadens our platform and deepens our portfolio of products and services." – Kent Adcock, CEO

Habitat for Humanity of Lake-Sumter

“FCLF provides stability for families, strengthens the region, and helps Truist fulfill our purpose to inspire and build better lives and communities." – Sandy Hostetter, Central Florida Region P

Truist

"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…

“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

"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

"FCLF has a keen knowledge of Florida challenges & opportunities. We are confident our investment will be used to improve lives." – Kathleen Rizzo Young, Sr. VP, Community Development

HSBC Bank USA, N.A.

“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

"Without the FCLF initial loan to purchase land, we might not have been able to move forward with farmworker housing." – Peter Routsis-Arroyo, CEO, Catholic Charities, Diocese of Venice

Casa San Juan Bosco

“The collaboration with FCLF and using NMTC financing allows us to bring the most ambitious projects to life to benefit the communities we serve.” – Elodie Dorso, President & CEO

Community Health Centers of Pinellas

Our Partners

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