JPMorgan Chase $5 million Grant will Increase Affordable Housing in Central Florida

06 October 2017

FCLF NJCC Chase GrantJPMorgan Chase announced this week that it has awarded a total of $5 million to Florida Community Loan Fund (FCLF) and New Jersey Community Capital (NJCC) to increase affordable housing in Central Florida.

Due to the lack of affordable rental units and other barriers, one in 50 families in Central Florida – including one in 17 children – experience homelessness each year. Many of these families end up living in hotels or motels, doubling up with other families, or in homeless shelters. (2015 Report by Barbara Poppe and the Central Florida Commission on Homelessness.)

FCLF and NJCC are two high-performing Community Development Financial Institutions (CDFIs) who have previously worked together to provide affordable housing in Tampa and South Florida. This grant from JPMorgan Chase will allow our partnership to create innovative, new ways to develop affordable housing and fill the needs and gaps that currently exist.

“This collaboration brings together two highly capable organizations with complementing capacity and expertise to deliver more than we could achieve by ourselves,” said FCLF CEO Ignacio Esteban.

The $5 million grant seeks to increase affordable rental housing in 3 priority areas:

  • Increase multifamily affordable housing by testing and evaluating new and innovative models, such as the acquisition and repurposing of shipping containers;
  • Acquire pools of non-performing mortgages and rehab the units into high-quality, affordable rental housing for low- to moderate-income families;
  • Provide innovative and long-term financing to nonprofits developing affordable multifamily housing.

The grant was announced in Orlando on October 5, 2017, by Mel Martinez, Chairman of the Southeast for JPMorgan Chase. Also on the announcement program were City of Orlando Mayor Buddy Dyer and Orange County Mayor Teresa Jacobs.

Learn more from these additional articles:

Pictured above: Jeff Crum, New Jersey Community Capital; Brent Semachko, JPMorgan Chase; Ann Reinert, JPMorgan Chase; Wayne Meyer, New Jersey Community Capital; Ignacio Esteban, Florida Community Loan Fund


About Florida Community Loan Fund. Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 20+ year history of providing flexible capital and expertise to low income communities across Florida. FCLF is nationally recognized for its work as a certified CDFI and CDE through the U.S. Dept. of Treasury and as a member of the Federal Home Loan Bank of Atlanta. FCLF has financed $308 million through 275 loans in Florida, making possible over $910 million in new investments in low-income communities. As a lending institution, FCLF’s borrowers include nonprofits and for-profit mission-focused developers, housing authorities, a wide range of social service organizations, and community health centers. Investors and supporters of FCLF include financial institutions, corporations, foundations, religious investors from various denominations, and federal and state government.

About New Jersey Community Capital. New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides innovative financing and technical assistance to support the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods. Founded in 1987, NJCC has invested over $630 million in New Jersey communities, resulting in over 9,700 housing units, 7,300 early care slots, 16,500 education seats, and 9,600 jobs. For more information, visit: www.newjerseycommunitycapital.org.

About JPMorgan Chase. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

"We commend the important work of your organization, are glad to support its efforts." – Beverly Dabney

JPMorgan Chase Foundation

"We couldn’t have pulled this project together without FCLF as partners. This is the start of great work in Jacksonville’s historic Springfield district." – Kevin Gay, Exec. Director

Operation New Hope

"We consider FCLF a valued partner and strong advocates for low-income communities and families. We look forward to many more years of working together." – Jennifer Westerbeck, Vice President

US Bancorp CDC

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

Sister Mary Heyser, RSHM

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

Metropolitan Ministries

“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

"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

"I recommend FCLF for attracting investment to the Florida Preservation Fund... I believe that says something about investor comfort." – Nancy Muller, Policy Director

Florida Housing Finance Corp.

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

R.E.A.C.H.

"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.

"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

"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

"We look forward to continuing our successful relationship with FCLF and working together to meet the needs of our communities." – Nancy Merolla, VP/CRA Officer

Florida Community Bank

"We couldn't achieve our mission of creating strong neighborhoods without FCLF's help. Their staff is always friendly, quick to respond, and efficient." – Bonnye Deese, Executive Director

BAND

"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

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

Dignity Health

"Our relationship with FCLF provides the capital to achieve long-lasting impact." – Terri Murray, Exec Dir

Neighborhood Renaissance

"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 are delighted to partner with you to serve those most in need in our communities." – Eileen S. Coogan, President & CEO

Allegany Franciscan Ministries

"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

Our Partners

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