Florida Community Loan Fund Receives $60 Million NMTC Award

25 September 2023

FCLF awarded NMTC allocation September 2023 Florida Community Loan Fund is pleased to announce it has been awarded $60 million New Markets Tax Credit Allocation award from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. FCLF has received a total of 11 awards from the NMTC program, aggregating to $451 million.

Florida has the 5th highest number of low-wage jobs in the U.S., with wages 12% lower than the average. As a Florida-based and Florida-focused lending institution, FCLF has successfully delivered previous NMTC awards to nonprofit projects that deliver high impact to low-income residents and communities. This NMTC award will continue to focus on high-impact community facility projects providing jobs and support services in highly distressed census tracts.

“FCLF is pleased to receive this 2022 allocation. The NMTC program is a proven way to mobilize capital to address the needs of the disadvantaged and minority communities we serve throughout Florida. This allocation will enable FCLF to focus on funding that supports accessible job creation, affordable healthcare access, and the significant growth in demand for opportunities for disadvantaged youth.” – Ignacio Esteban, FCLF CEO

“Receipt of this year’s award is another validation of the work we have done around the state to support communities and families in need. But, it’s also a reminder that in Florida there remains a tremendous unfilled need for projects that will provide real impact and real solutions for our communities, our neighborhoods and our people.” – Nelson Black, FCLF Chief Lending Officer

FCLF has a history of deploying NMTC allocation to high-performing nonprofits in low-income communities. Examples include:

Feeding Northeast Florida (Jacksonville). Purchase and rehabilitation of a 120,000 sq-ft facility to address food insecurity, reaching an estimated 350,000 annually with 135+ jobs supported.
Evara Health (Clearwater). FCLF and Evara have completed two NMTC transactions. The most recent is construction of a new 18,000 sq-ft facility and a 5,600 sq-ft expansion of an existing facility to provide healthcare through an FQHC, with an estimated reach of 59,000+ annually and 85+ jobs supported.
Agape Village Health Center (Miami). Construction of a new 39,000 sq-ft facility providing behavioral healthcare and related services, reaching an estimated 11,500 annually with 380 jobs supported.

The New Markets Tax Credit was enacted in 2000 in an effort to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to capital needed to support and grow businesses, create jobs, and sustain healthy local economies. The NMTC is a 39 percent federal tax credit, taken over seven years, on investments made in economically distressed communities. In 2022 alone, the NMTC program funded 297 projects supporting $6.7 billion in total capital investments and over 52,800 full time equivalent jobs.

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About Florida Community Loan Fund. Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 28-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

To learn more about these FCLF projects that were financed through the NMTC Program, click on the images below:

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"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

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

Dignity Health

"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 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 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

"FCLF understood our context, embraced the project vision, and were willing to make an investment that others deemed as too risky." – Lynn Brockwell-Carey, Executive Director

Neighbor Up Brevard

"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

“Thanks to FCLF adults with disabilities are living independently, fully included in their community." – Sheryl Soukup, Exec Dir

Residential Options of Florida

“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

"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

“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

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

Sabadell United Bank

"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 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

"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

"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.

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

Neighborhood Renaissance

“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

"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…

“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

TD Charitable Foundation and TD Bank have supported FCLF's mission since 2006.

Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.

Greater Heights offers new, safe, affordable rental homes in what was formerly a high crime area.

FCLF financing to Housing Programs, Inc. helps provide affordable homes for ownership.

Nutritious snacks are a part of the healthy focused curriculum at Emma Jewel Charter Academy.

FCLF Staff are on hand at conferences and events to discuss our programs.

ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.

Support from Valley Bank helps FCLF build strong communities.

Support from Axiom Bank helps FCLF build strong communities.

DuPuis Pointe offers affordable, hurricane proof homes in Miami.

Rep. Ander Crenshaw visited KIPP Jacksonville School

FCLF CEO and one of our supporters visit the ASPIRA Arts Deco school.

The RCRI Conference allows FCLF staff to touch base with our religious supporters.

FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.

FCLF staff are active at statewide conferences and events.

FCLF Financing to Neighbor Up Brevard helps provide affordable rental housing.

Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.

FCLF staff with Tampa's Chloe Coney at Metropolitan Ministries Tampa.

FCLF representatives are ready to talk about your project success.

Support from TD Bank Charitable Foundation helps FCLF build strong communities.

FCLF and NMTC are creating a new facility for the Boys & Girls Clubs of Manatee County

FCLF Staff meet and greet friends at an FLACDC event.

FCLF and the NMTC Program renovated a historic building into a small business incubaor.

FCLF projects create jobs and stimulate development in low-income communities.

FCLF staff and US Legislative staff at an event honoring Youth of the Year.

New rental homes are available for farmworker families at Casa San Juan Bosco.

FCLF Board Members represent our investors, borrowers, and technical experts.

Emma Jewel Charter Academy offers education for the whole child in Brevard County.

FCLF Chief Lending Officer visits with the Executive Director of Neighbor Up (formerly BNDC)

FCLF staff and supporters volunteer at Million Meals event.

Neighbor Up, formerly BNDC, offers affordable housing in Brevard County.

The duPont Fund used FCLF and NMTC Financing to revitalize downtown Jacksonville.

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