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.

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

JPMorgan Chase Foundation

"FCLF plays a significant role in sustaining vibrant and thriving communities. We are pleased to support your ongoing community based efforts." – Ernie Diaz, South Florida Market President

TD Charitable Foundation

"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

"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

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

Dignity Health

“FCLF will help us have significant ongoing impact in West Lakes as we help families set roots in this community.” – Camille Reynolds, Executive Director

Hannibal Square CLT

“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

"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

"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

"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

"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

“Thanks to FCLF we’re able to provide brand-new safe, affordable homes for 90 families in a sustainable mixed-use, mixed-income community." – Mitchell Rosenstein, Founder & Principal

Green Mills Group

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

Metropolitan Ministries

"The Fathers Table Foundation appreciates the services FCLF provides and the impact on the communities you serve. We believe in your organization and your mission." – Dan Gilardi, President

Fathers Table Foundation

“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

"FCLF understands and is a part of what we are doing: helping families have the American dream of owning a home." – Isaac Simhon, Executive Director

Housing Programs, Inc.

"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…

"Aida Palms will be a lasting asset to the City of Lakeland. This revitalization wouldn't be possible without financing partners like FCLF." – Mitchell Rosenstein, Principal, Green Mills Group

Aida Palms

"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

"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

Our Partners

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