Florida Community Loan Fund supports New NMTC Project with $10 million in credits
Florida Community Loan Fund (FCLF) surpasses $100 million in New Markets Tax Credit (NMTC) Allocation
with its announcement of a $10 million allocation to Metropolitan Ministries
Metropolitan Ministries, Tampa, FL
Total Project: $19.4 million
FCLF NMTC Allocation: $10 million
FCLF has been involved in NMTC Projects spanning the state of Florida, from Tallahassee and Jacksonville to Miami and Lake Okeechobee. Metropolitan Ministires, our newest and 10th project, is a new human services campus on 4 acres of formerly vacant land north of downtown Tampa, bordering a designated community redevelopment area. Scheduled to open this new facility in Summer 2013, Metropolitan Ministries estimates it will then serve more than 20,000 annually.
The expanded campus, named “Miracle Place,” will house 93,000 square feet of new and renovated space offering education, rehabilitation, family counseling, child care, food service, and emergency shelter. Also on site will be a unique K-5 elementary school, part of the Hillsborough County Public School system, offering small class sizes and additional social services for up to 136 at-risk low-income children. All of Metropolitan Ministries’ programs and services are designed to move homeless families toward greater self-sufficiency.
The Florida Community Loan Fund (FCLF) provided $10 million in federal NMTC allocation for the Miracle Place project. State NMTCs provided by Enhanced Community Development were paired with FCLF’s federal allocation. The investor in these two layers is JPMorgan Chase. Alongside this funding was an additional $6 million federal NMTC allocation from Whitney New Markets Fund.
- 48% poverty rate
- median Income 47% of area median income
- unemployment 1.57 times national average
- $19.4 million total project cost
- 44 new or permanent jobs
- 115 temporary jobs
About the Florida Community Loan Fund. FCLF provides flexible capital and technical assistance, primarily to nonprofit organizations working in community development, through its three financing programs: Community Development Fund, Florida Preservation Fund, and New Markets Tax Credits. Since it began lending in 1996, FCLF has originated more than $100 million in low-cost credit to projects throughout Florida and has leveraged an additional $400 million in loans and grants from various public and private sources for those projects. FCLF has a broad range of investors including most major financial institutions operating in Florida, individuals, religious investors, national foundations and trade associations. FCLF is certified both as a Community Development Financial Institution and a Community Development Entity, and is a member of Opportunity Finance Network.