FCLF Awarded $40 million in NMTC Allocation

25 April 2013

U.S. Treasury Department CDFI Fund announces NMTC Awards, including $40 million to FCLF, to revitalize low-income and distressed communities.

FCLF NMTC Projects, photo collage

Florida Community Loan Fund (FCLF) is pleased to announce its award of $40 million in tax credit allocation authority through the U.S. Treasury Department's CDFI Fund. FCLF was one of only two organizations in Florida to win NMTC allocation this year, the tenth round of awards. With this sixth award of $40 million in tax credit authority, FCLF has been awarded a total of $151 in NMTC allocation. 

This year's awards totaled $3.5 billion to 85 organizations nationwide, headquartered in 28 states and D.C. The 85 organizations were selected from a pool of 282 applicants that requested approximately $21.9 billion. 

To date, FCLF has been a part of 10 NMTC projects, totaling more than $96 million in project costs. These projects have leveraged $211 million in additional private capital, and have created or retained more than 1,800 jobs. All NMTC projects are located in low-income, highly distressed census tracts. FCLF's NMTC Program has a goal of working with projects such as health and human services facilities, charter schools, Green and environmentally sustainable projects, and healthy foods. The projects financed through FCLF's NMTC Program enhance our mission of ensuring critically needed financing to low-income communities and to the families that live, work and play in those communities. This allocation award continues to highlight the Florida Community Loan Fund as an accomplished and active entity in the NMTC field.

The NMTC Program  was created to increase economic opportunity in distressed areas of the nation. CDFI Fund Director Donna J. Gambrell states that "over 70 percent of New Markets Tax Credit investments have been made in communities that meet the highest distress criteria, above even the program's requirements. That result effectively demonstrates how essential the New Markets Tax Credit Program is to spurring economic development in underserved areas." 

ASPIRA of Miami used the NMTC program for 2 of its charter schools serving low-income families: ASPIRA North and ASPIRA EMH. Metropolitan Ministries in Tampa is currently in construction with its NMTC-financed human services campus, in an area with one of the highest homeless rates in the nation. These are just some examples of the NMTC program at work, improving communities, catalyzing economic development, providing jobs, and improving lives.

You can read more about FCLF's NMTC Program here, or click here to view a description of the program and our FCLF projects. 

Click here to read the announcement from the CDFI Fund about this year's NMTC Awards.

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

Metropolitan Ministries

"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 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

"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

"BankUnited understands the challenges facing our communities; we applaud FCLF's efforts. Thank you for making our community a better place to live." – Katrina Wright, VP Comm. Dev.

BankUnited

"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 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

"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

"FCLF has proven its community impact and hard work. We are proud to partner with FCLF." – Leslie Watson, Analyst, Community Investments

Dignity Health

"Our relationship with FCLF provides the capital to achieve long-lasting impact." – Terri Murray, Exec Dir

Neighborhood Renaissance

"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

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

R.E.A.C.H.

"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

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

JPMorgan Chase Foundation

"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 look forward to continuing our successful relationship with FCLF and working together to meet the needs of our communities." – Nancy Merolla, VP/CRA Officer

Florida Community Bank

"FCLF shows a clear strategy and demonstrated evidence of addressing prevalent community needs." – J. Reymundo Ocañas, Director, Corp Responsibility

BBVA Compass

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

Sister Mary Heyser, RSHM

"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.

"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

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