Florida Community Loan Fund (FCLF) is pleased to announce its latest New Markets Tax Credit (NMTC) Project, with Camillus House in Miami. FCLF has now committed more than $100 million in tax credit allocation to nine NMTC projects, all of which have high economic and social impact in low-income neighborhoods, creating both permanent and construction-related jobs. NMTC debt and equity funding for this project was provided by The Northern Trust Company and affiliates.
Camillus House, Miami, FL
Total Project: $37.4 million
FCLF NMTC Allocation: $20 million
Camillus House has provided services to homeless and at-risk clients in Miami-Dade for 52 years from 12 locations. The organization is relocating to the Norwegian Cruise Line Campus of Camillus House, a campus of 7 buildings, 3 of which are funded through this NMTC project. This new and more efficient facility will expand existing programs that include temporary and transitional housing, job readiness, meals, and mental health services. When completed it is estimated that the new human services campus will annually serve over 3,000 clients. The project will also create 100 permanent jobs, 300 temporary jobs and retain 50 permanent jobs. Located on a vacant city center site that has been empty for years, the project will be a major social and economic improvement to the neighborhood.
Already under construction, NMTC funding will significantly help to fill the gap in funding needed to complete the project alongside other public and private support. The campus is also the site of an 80-unit affordable rental housing project, Shepherd’s Court. In all, the 7 buildings on the campus will cost a total of $84 million to construct.
“The Camillus House project is a shining example of what can be done through the NMTC Program,” said Nelson Black, Director of Lending for the Florida Community Loan Fund. “We at FCLF are pleased to be working with this organization as they provide needed services and create jobs in their economically distressed area.”
The NMTC Program was created by Congress in 2000 to encourage economic investment in very low-income communities. Since that time, over $45 billion in private capital has been invested nationally through the NMTC Program, helping to create or retain 300,000 jobs while providing low-income residents access to quality education, health care, job training, and critical retail services in their communities.
FCLF was the first Florida-based entity to receive a NMTC allocation. To date it has secured a total of $111 million in allocation authority. FCLF’s NMTC program is dedicated to improving low-income communities through projects with a broad social impact.
We invite you to learn more about the Florida Community Loan Fund, our lending programs, borrowers and investors by visiting our website at www.fclf.org.
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For more information on Camillus House, visit www.camillus.org.
OUR VISION: Every community in Florida is productive and sustainable.
OUR MISSION: The Florida Community Loan Fund harnesses the power of financial capital and human creativity to transform lives and communities.
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 $360 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.
