FCLF Awarded $65 Million NMTC Award

18 November 2016

CFHC Ribbon Cutting, Lake Wales ClinicAward from CDFI Fund to Deliver High Social Impact in Florida’s Low-Income Communities.

Florida Community Loan Fund today announced it has received $65 million in New Markets Tax Credit allocation authority from the U.S. Department of Treasury Community Development Financial Institutions (CDFI) Fund. This award, the seventh for FCLF since 2003, is slated to deliver economic development and high social impact in distressed, low income census tracts around Florida.

The NMTC Award is important for Florida’s communities as it will fill financing gaps in projects that otherwise could not proceed. By targeting high social impact projects, such as community health centers, facilities serving homeless and other at-risk populations, and food access financing, the award helps fulfill FCLF’s overall mission. FCLF’s NMTC allocation secured to date totals $271 million from the U.S. Department of Treasury, with an additional $11.2 million having been received in NMTC from the State of Florida.

“We are excited about the impact that FCLF can have in Florida communities with this NMTC award,” said Ignacio Esteban, FCLF CEO. “We pride ourselves in being a consistent – and consistently reliable – source of capital and expertise. This award demonstrates the CDFI Fund’s confidence in our ability to provide capital, guidance, support and stability to the wide network of organizations that address the needs of Florida’s low income persons and communities.”

Over the past year, FCLF has invested in NMTC projects such as:

  • Central Florida Health Care, Polk and Highlands Counties, reaching 5,000 more low-income patients in rural communities with 2 new and 2 renovated NMTC-financed local clinics;
  • Cade Museum for Creativity and Invention, Gainesville, breaking down barriers to science and technology and connecting low-income youth to academic resources and mentorship;
  • Lotus Village, Miami, providing shelter and a support system to homeless women, youth and children and doubling its former size with NMTC financing.

Nationally, the CDFI Fund has awarded a total of $7 billion in this round of NMTC awards to 120 organizations. This is the largest, single award round since the NMTC Program was created in 2001. Historically, NMTC awards have generated $8 of private investment for every dollar invested by the federal government. Since 2001, NMTCs have generated more than $42 billion in investments in low-income communities and businesses, resulting in the creation or retention of more than 500,000 jobs, and the construction or rehabilitation of more than 164 million square feet of commercial real estate.

Read the press release here

Pictured: Central Florida Health Care recently held a ribbon cutting at its new clinic in Lake Wales, Florida; renovation of the building was financed through FCLF's NMTC Program.

About Florida Community Loan Fund. Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 20+ year history of providing flexible capital and expertise to low income communities 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. FCLF has financed $250 million through 250 loans in Florida, making possible over $850 million in new investments in low-income communities, and has secured a total of $271 million to date in Federal NMTC awards. For more information, please visit www.fclf.org.

About the New Markets Tax Credit Program.The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in vehicles known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities.

CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. The 120 organizations receiving awards were selected from a pool of 238 applicants that requested approximately $17.6 billion in allocation authority. To learn more about the New Markets Tax Credit Program, please view the program Fact Sheet or visit www.cdfifund.gov/nmtc.

About the CDFI Fund. Since its creation in 1994, the CDFI Fund has awarded more than $2.2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $1.1 billion has been guaranteed in bonds through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please view the Fact Sheet or visit the CDFI Fund’s website at www.cdfifund.gov.  

"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

"Thank you to our friends at FCLF. Your staff has been patient and helpful. We'll make you proud!" – Bill Lazar, Executive Director

St. Johns Housing Partnership

"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

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

JPMorgan Chase Foundation

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

Neighborhood Renaissance

"Without FCLF's support, we would not have been able to deliver the services our area so desperately needs. We look forward to a lifetime relationship." – Tom Griffin, CEO

The Transition House, Inc.

“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

"I appreciate FCLF for lending in rural areas, where many other lenders are exiting. From the first moment we spoke with FCLF staff, we felt we had a partner." – Jamie Kerr, President, AMCS Dev.

Griffin Heights

"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 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

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

Dignity Health

"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 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

"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

“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

"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 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

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

Sister Mary Heyser, RSHM

"I recommend FCLF for attracting investment to the Florida Preservation Fund... I believe that says something about investor comfort." – Nancy Muller, Policy Director

Florida Housing Finance Corp.

"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

Our Partners

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