The Tampa Bay Business Journal recently featured FCLF and the CDFI Fund's NMTC Award. In addition to announcing the $55 million New Markets Tax Credit award, the article points out FCLF's involvement in CASA St. Pete and Metropolitan Ministries - which has used NMTC on 2 projects: MiraclePlace and the Phase Two expansion.
Florida Community Loan Fund was one of 3 entities in Florida to receive an NMTC award.
The Tampa Bay Business Journal article by Margie Manning was published on June 16. Here is a link to read the full article, the text of which appears below. Read more at www.bizjournals.com/tampabay.
Florida lender gets $55M from feds to spur economic growth
An organization that has provided key financial backing to leading Tampa Bay nonprofits such as Metropolitan Ministries and CASA now has deeper coffers.
The U.S. Treasury Department’s Community Development Loan Fund awarded $55 million in New Markets Tax Credit authority to Florida Community Loan Fund. It’s the sixth award, and largest allocation to date, for the Florida Community Loan Fund. The statewide financing entity has received a total of $206 million, FCLF said in a statement.
The New Markets Tax Credit program, aimed at stimulating investment and economic growth in low-income urban neighborhoods and rural communities, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in community development entities, such as FCLF. Those CDEs in turn use the capital raised to make investments in low-income communities.
FCLF previously has funded a 100-bed domestic violence shelter in Pinellas County for CASA, providing $12 million in federal and $4.8 million in state New Market Tax Credit allocations. FCLF also provided $10 million in New Markets Tax Creditsfor Miracle Place, a $19.4 million, 93,000-square-foot community services initiative of Metropolitan Ministries.
FCLF, which has not said how it will use the latest allocation, was one of three Florida groups to win the latest round of New Markets Tax Credit awards. Black Business Investment Fund of Central Florida Inc. was awarded $20 million and Community Hospitality Healthcare Services LLC in Placida was awarded $50 million. The Treasury awarded a total of $3.5 billion in NMTC awards to 76 organizations nationwide.
FCLF's main office is in Orlando, and its chief lending officer, Nelson Black, is based in Tampa. The organization also has offices in Sarasota, Jacksonville, Fort lauderdale and Miami.
