FCLF provided Federal and State NMTC allocation for this $8.5 million healthcare project.

Florida Community Loan Fund (FCLF) has assembled $8.1 million in financing through the New Markets Tax Credit (NMTC) structure, which will allow Central Florida Health Care (CFHC) to purchase and renovate 4 locations totaling 48,000 sq ft.

CFHC's accredited health centers provide continuity of care to patients of all ages and with a myriad of needs, regardless of their ability to pay. The facilities provide a wide array of medical, dental, lab and x-ray services for rural low-income Floridians, as well as nutrition and wellness education. Founded to provide healthcare for primarily migrant workers in rural Florida, the organization has expanded to serve 30,000 patients annually across 3 counties; 29% of whom are uninsured.

Financing through the NMTC Program allowed CFHC to simultaneously renovate 4 buildings, with interest-only payments. A large portion of the loan will be converted into equity at the end of the 7 years, greatly reducing CFHC’s total debt on this expansion. Because of this unique financing structure, CFHC will be able to expand services in 4 locations, 3 cities, and 2 counties much more rapidly over the next 3 years; ultimately serving up to 5,000 additional patients.

FCLF provided $8.5 million in Federal NMTC Allocation and $6.4 million in Florida NMTCs. The investor is U.S. Bancorp Community Development Corporation. Whitney/Hancock Bank is an additional lender on the project.

For more information on Florida Community Loan Fund and the Central Florida Health Care Project, click here.

Pictured: one of the 4 locations that Central Florida Health Care will renovate using NMTC financing.