Florida Organizations Urge Congress to Make NMTC Permanent

23 October 2017

NMTC At Work Oct17Last week over 2000 organizations joined together from across the nation to urge the U.S. Congress to make the New Markets Tax Credit (NMTC) permanent as part of tax reform legislation.

121 Florida organizations are among the 2100 entities nationwide that signed a letter supporting NMTC permanency on October 12, 2017.

Florida Community Loan Fund has been a participant in the NMTC Program since 2003. FCLF NMTC projects have deployed $207 million in allocation to 20 projects representing $491 million in investments in Florida low-income communities; creating or retaining 4,593 jobs and building or renovation 1.5 million square feet of facilities in distressed census tracts.

Congress established the New Markets Tax Credit in 2000 in the Community Renewal Tax Relief Act, a bipartisan effort to stimulate investment and economic growth in low-income urban neighborhoods and rural communities left behind by the economic downturns of the 1980s and 1990s. Over the last decade and a half, the NMTC has unleashed more than $80 billion in total project financing for manufacturing expansions, new hospitals and health clinics, small business loan funds, and other important revitalization projects. These investments generate over 60,000 jobs annually at a cost to the federal government of only $20,000 per job.

Why Do We Support NMTC? Because it…

  • IT WORKS. Created nearly 750,000 jobs. From 2003-2015 delivered over $42 billion in capital to distressed communities, in both urban (80%) and rural (20%) communities with extremely high rates of poverty and unemployment. (1)
  • PAYS FOR ITSELF. NMTC investments in businesses in low-income communities and jobs created by those businesses generated over $984 million in federal tax revenue in 2012, more than enough to cover the $800 million cost of the program in the same year. (2)
  • ANSWERS TO LOCAL MARKET INTERESTS AND PRIORITIES. Instead of Washington picking winners and losers, NMTC places the project underwriting responsibility with community development entities (CDEs) with deep ties to the communities in which they work and supports projects that “but for” the credit could not be achieved. (3)
  • OFFERS A PROVEN METHOD FOR LEVERAGING PRIVATE CAPITAL INVESTMENT. From 2003- 2015, NMTC direct capital investments leveraged nearly $80 billion in total capital investments. According to the U.S. Department of Treasury, every $1 in foregone tax revenue generally leads to $8 in private capital investment in distressed communities. (4)
  • IS ONE OF THE ONLY MARKET DRIVEN RESOURCES AVAILABLE FOR COMMUNITY REVITALIZATION. Over the last 40 years Federal spending on community development, as measured by a share of GDP, has dropped by 75%. As a result, there is tremendous pent up private investment demand for NMTC. From 2003-2015, NMTC applications totaled over $315 billion versus $50.6 billion in total credits awarded. (1)

THANK YOU to these Florida organizations who signed on to the NMTC Coalition letter to Congress. To learn more visit www.nmtccoalition.org or read the press release here http://nmtccoalition.org/2017/10/18/thousands-of-organizations-urge-congress-to-save-nmtc-in-tax-reform/

Acquire International, Miami • Affordable Homeownership Foundation Inc., Fort Myers • Anchor Housing Development, Pompano Beach • Armature Works, Tampa • ASPIRA of Florida, Miami • Atlantic Coast Energy Corporation, Miami • Beck Group, Tampa • Beth-El Farmworkers Ministry, Wimauma • Black Business Investment Fund, Orlando • Boley Centers, Inc., St. Petersburg • Boynton Beach CRA, Boynton Beach • Brevard County, Viera • Brevard Neighborhood Development Coalition, Satellite Beach • Burnette Construction, Tallahassee • Cade Museum, Gainesville • Camillus House, Miami • Capital Trust Agency, Gulf Breeze • Care Resource Community Health Centers, Miami • Central Community Redevelopment Agency, Bradenton • Central Florida Health Care, Winter Haven • Cesery Companies, Jacksonville • CFO Bean Team, Tallahassee • City of Fort Myers CRA • City of Lakeland • City of Lauderdale Lakes • City of Leesburg, FL • City of Melbourne • City of Palm Bay Florida • City of Riviera Beach • City of Sanford • City of Sunrise Community Development Dept. • City of Tampa • Clara White Mission, Jacksonville • Collier County Government Code Enforcement • Community & Economic Development, Lake Worth • Community Action Stops Abuse (CASA), St. Petersburg • Community Concepts Group, Tallahassee • Community Enterprise Investments, Pensacola • Community Hospitality Healthcare Services, Placida • Community Maritime Park Associates, Pensacola • Community Reinvestment Alliance of South Florida, Miami • Corinthian Companion Care, Miami • Covenant Homeless Family Shelter, Homestead • Delray Beach CDC • Dominican Sister of Adrian, West Palm Beach • Florida Alliance of CDCs, Jacksonville • Florida Candy Factory, Clearwater • Florida Community Loan Fund, Orlando • Florida Home Partnership, Ruskin • Florida Interfaith Network in Disaster, Bonifay • Florida Nonprofit Housing, Sebring • Florida Non-Profit Services, Naples • GIM Associates, Tampa • Good News Outreach, Tallahassee • Grace and Truth Community Development Corp., Jacksonville • Green Biofuels, Miami • Habitat for Humanity of Florida, Clearwater • Habitat of St. Augustine/St. Johns County • Health Care Center for the Homeless, Orlando • Hixardt Technologies, Pensacola • Housing Partnership, Riviera Beach • Human Development Center, Tampa • Inkbridge, LLC, Tallahassee • iRemedy Healthcare, Stuart • Jacksonville Beach CRA • Jacksonville LISC • Jessie Ball duPont Fund, Jacksonville • Keystone Challenge Fund, Lakeland • KIPP Jacksonville • Lake County Housing Services, Ocala • Lake Point Holdings, Canal Point • Lake Worth CRA • Ledarp Enterprises, Miami • Lee County Housing Development Corporation, Fort Myers • Lotus Village Development, Miami Beach • McDuff QALICB (KIPP Jacksonville Schools) • Metro North Community Development Corporation, Jacksonville • Mid-Florida Housing Partnership, Ormond Beach • Neighborhood Lending Partners, Tampa • Neighborhood Medical Center, Tallahassee • Neighborhood Renaissance, West Palm Beach • OL'MAN Outdoors, Tallahassee • Opa-Locka CDC • Operation New Hope, Jacksonville • Orange County Florida Government, Orlando • Our House in Dania, Plantation • Palm Beach County Government • People Helping Each Other, Miami • Picerne Development Corporation of Florida, Altamonte Springs • PSPE LLC, Milton • Pung and Read Housing Consultants, Lake Worth • Redevco Management, Miami • Riviera Beach CRA • Rural Neighborhoods, Homestead • Seaside National Bank & Trust, Winter Park • SFCDC, Miami • Shelton Dean, Tallahassee • Sirius Development Group, St. Petersburg • Small Business Advisors, Palm Harbor • SoHo Capital, Tampa • South Florida Community Development Coalition, Miami • South Florida Museum and Bishop Planetarium, Bradenton • Southwest Florida Community Foundation, Fort Myers • St. Johns Housing Partnership, St. Augustine • St. Petersburg Neighborhood Housing Services, Inc. dba Neighborhood Home Solutions, St. Petersburg • Stone Soup Development, Miami • Sunny Land Solar, Tallahassee • SWFLCF Support Organization, Fort Myers • Tampa Bay Community Development Corporation, Clearwater • Tampa Family Health Centers, Tampa • The Transition House, St. Cloud • Treasure Coast Homeless Services Council, Vero Beach • Trinity Empowerment Consortium, Palmetto Bay • Urban Development Solutions, St. Petersburg • Urban Trust Capital, Jacksonville • Vasant Patel Development, Lakeland • Web Parts, St. Petersburg • Westgate/Belvedere Homes CRA, West Palm Beach • Windsor Aughtry, Gainesville

Notes:
1 NMTC Coalition, 2016 Progress Report.
2 NMTC Economic Impact Report, December 2012.
3 National NMTC Coalition testimony to the House Ways and Means Committee, 2013.
4 National NMTC Coalition estimates.

"It is really working. FCLF is really touching low-income people." – Florida Community Loan Fund Founding Board Member

Sister Mary Heyser, RSHM

"Without FCLF's support, we would not have been able to deliver the services our area so desperately needs. We look forward to a lifetime relationship." – Tom Griffin, CEO

The Transition House, Inc.

"Without the FCLF initial loan to purchase land, we might not have been able to move forward with farmworker housing." – Peter Routsis-Arroyo, CEO, Catholic Charities, Diocese of Venice

Casa San Juan Bosco

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

Dignity Health

"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.

“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

"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 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

"FCLF demonstrates a mission-oriented philosophy that is compatible and supportive, broadens our platform and deepens our portfolio of products and services." – Kent Adcock, CEO

Habitat for Humanity of Lake-Sumter

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

Sabadell United Bank

"Trinity Health is happy to partner with FCLF. We look forward to seeing the impact in the communities you serve." – Sr. Kathleen Coll, SSJ, Administrator, Shareholder Advocacy

Trinity Health

"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

"Our partnership with FCLF allows us to build an attractive, state of the art facility that patients, staff, and community will be proud of." – Bakari Burns, President-CEO

Orange Blossom Family Health

"FCLF is a difference maker! Their team provides solutions to bring about real change in a community." – Tim Marks, President & CEO

Metropolitan Ministries

"Thanks to FCLF, we are one step closer to providing a permanent housing solution for veterans and others seeking quality housing at an affordable price." – Carrie Davis, Executive Director

Wealth Watchers

"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 will help us have significant ongoing impact in West Lakes as we help families set roots in this community.” – Camille Reynolds, Executive Director

Hannibal Square CLT

"Our partnership with FCLF helps the American Dream of homeownership come true." – Michael Roberts, Exec Dir

R.E.A.C.H.

"We're thrilled to partner with FCLF to make our project a reality to serve generations of kids in our community." – Dawn Stanhope, President & CEO

Boys & Girls Clubs of Manatee County

"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

Brevard Neighborhood Development Coaliti…

Our Partners

duPont Fund and FCLF
The duPont Fund used FCLF and NMTC Financing to revitalize downtown Jacksonville.
TD Bank Charitable Foundation
Support from TD Bank Charitable Foundation helps FCLF build strong communities.
BNDC Greater Heights
Greater Heights offers new, safe, affordable rental homes in what was formerly a high crime area.
Million Meals 2012
FCLF staff and supporters volunteer at Million Meals event.
Haley Park Construction
FCLF projects create jobs and stimulate development in low-income communities.
FCLF Board and Staff
FCLF Board Members represent our investors, borrowers, and technical experts.
Boys & Girls Clubs of Manatee
FCLF staff and US Legislative staff at an event honoring Youth of the Year.
ASPIRA of Florida and FCLF
FCLF CEO and one of our supporters visit the ASPIRA Arts Deco school.
DuPuis Pointe Miami
DuPuis Pointe offers affordable, hurricane proof homes in Miami.
Neighbor Up and FCLF
FCLF Chief Lending Officer visits with the Executive Director of Neighbor Up (formerly BNDC)
Neighbor Up, Affordable Housing
Neighbor Up, formerly BNDC, offers affordable housing in Brevard County.
FCLF at Florida Housing Conference
FCLF Staff are on hand at conferences and events to discuss our programs.
TD Charitable Foundation, TD Bank
TD Charitable Foundation and TD Bank have supported FCLF's mission since 2006.
RCRI Conference 2012
The RCRI Conference allows FCLF staff to touch base with our religious supporters.
Armature Works
FCLF and the NMTC Program renovated a historic building into a small business incubaor.
Metro Min Grand Opening
FCLF staff with local supporters at Metropolitan Ministries Tampa.
Valley Bank
Support from Valley Bank helps FCLF build strong communities.
Emma Jewel Academy and FCLF
Emma Jewel Charter Academy offers education for the whole child in Brevard County.
Housing Programs, Inc.
FCLF financing to Housing Programs, Inc. helps provide affordable homes for ownership.
ASPIRA of Florida Aspirantes
ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.
Mathis Place Resident
Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.
Northern Trust Roundtable
FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.
Greater Heights Resident
FCLF Financing to Neighbor Up Brevard helps provide affordable rental housing.
Boys & Girls Clubs of Manatee
FCLF and NMTC are creating a new facility for the Boys & Girls Clubs of Manatee County
Axiom Bank
Support from Axiom Bank helps FCLF build strong communities.
MTZ Carver Construction
FCLF projects create jobs and stimulate development in low-income communities.
FCLF and Florida Housing Coalition
FCLF representatives are ready to talk about your project success.
FCLF and Rep. Webster
Rep. Daniel Webster visited FCLF staff.
FCLF at Florida Housing Conference
FCLF staff are active at statewide conferences and events.
Emma Jewel Charter Academy
Nutritious snacks are a part of the healthy focused curriculum at Emma Jewel Charter Academy.
Casa San Juan Bosco and FCLF
Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.
KIPP Jacksonville
Rep. Ander Crenshaw visited KIPP Jacksonville School
Casa San Juan Bosco and FCLF
New rental homes are available for farmworker families at Casa San Juan Bosco.
FLACDC Conference
FCLF Staff meet and greet friends at an FLACDC event.
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Core Purpose FCLF exists to maximize opportunities for people and places outside of the economic mainstream.
Our Vision Opportunity and dignity exist for every person and community in Florida.
Our Mission Our expertise and capital make projects successful and help organizations improve lives and communities.