Jessie Ball duPont Fund partners with FCLF

27 October 2011

Loans to develop affordable housing in Duval County

Jacksonville Business Journal
Ashley Gurbal Kritzer, Reporter
Date: Thursday, October 27, 2011, 5:03pm EDT

The Jessie Ball duPont Fund is investing $2 million in efforts to develop and preserve affordable rental housing for low-income individuals and families in Duval County.

The $2 million will be loaned to the Florida Community Loan Fund, which will then dole out the money in loans to developers.

The intention is to increase the inventory of affordable rental housing and also to grow the capacity of organizations - nonprofit and for-profit - that provide affordable rental housing in the county.

"Making loans is not the goal here," Sherry Magill, president of the Jessie Ball duPont Fund, said in a news release. "Making loans is a tactic. The goal is to build a system to ensure that folks can afford housing."

The $2 million investment is being made not through grants, but through a program related investment to the Florida Community Loan Fund.

PRIs are investments by a charitable foundation at below-market rates to support organizations that are addressing social or community concerns.

Those interested in one of the loans should contact the Florida Community Loan Fund at 407-246-0846.

Jacksonville Business Journal

"I appreciate FCLF for lending in rural areas, where many other lenders are exiting. From the first moment we spoke with FCLF staff, we felt we had a partner." – Jamie Kerr, President, AMCS Dev.

Griffin Heights

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BankUnited

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Florida Housing Finance Corp.

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US Bancorp CDC

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Boys & Girls Clubs of Manatee County

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Habitat for Humanity of Lake-Sumter

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CenterState Bank

"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

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Residential Options of Florida

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St. Johns Housing Partnership

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Sister Mary Heyser, RSHM

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TD Charitable Foundation

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R.E.A.C.H.

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Emma Jewel Charter Academy

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Metropolitan Ministries

"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.

"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

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HSBC Bank USA, N.A.

"FCLF was instrumental in making this important project a reality, bringing us one step closer to ending chronic homelessness in Miami-Dade County." – Dr. Paul A. Ahr, President & CEO

Camillus House

“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

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Emma Jewel Charter Academy
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Axiom Bank
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Mathis Place Resident
Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.
Valley Bank
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FCLF staff with local supporters at Metropolitan Ministries Tampa.
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FCLF projects create jobs and stimulate development in low-income communities.
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Core Purpose FCLF exists to maximize opportunities for people and places outside of the economic mainstream.
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