JPMorgan Chase invests in Florida communities through FCLF

26 May 2020

JPMorgan Chase and FCLF, October 2019JPMorgan Chase Commits $400,000 to the Florida Community Loan Fund to Support Affordable Housing and Provide Essential Needs for Florida Residents during COVID-19

JPMorgan Chase is making a $400,000 philanthropic investment in the Florida Community Loan Fund (FCLF) to help provide a financial buffer for nonprofit affordable housing providers supporting single-family and multi-family housing homeownership and rental properties during the COVID-19 pandemic. The funds will also help provide essential needs – including food access, healthcare and community facilities – for those living in Florida communities most vulnerable to loss of income.

FCLF quickly developed a working capital emergency loan program for its borrowers affected by COVID-19. The program offers low-cost, flexible emergency working capital to nonprofit and mission-focused for-profit FCLF borrowers and is one of several tools FCLF has developed to ensure community development organizations can expand services and stabilize as they respond to the crisis.

“Florida’s service sector dependent economy has been hit hard by COVID-19. Our focus during the pandemic has been to help support and stabilize the community development sector in our state,” said Ignacio Esteban, FCLF CEO. “We are deeply thankful to JPMorgan Chase, and to dozens of other partners, for supporting our efforts during these times.”

The investment from JPMorgan Chase is part of the firm’s $250 million philanthropic and business commitment to address the immediate and long-term challenges of the COVID-19 crisis. This week alone, the firm is deploying $35 million in new philanthropic investments in communities across the U.S. and around the world, with a focus on communities of color and vulnerable populations globally, to help them access much-needed financial and technical resources during the crisis and prevent the opportunity gap from widening as the economy begins to recover.

“During this unprecedented time, it is critically important for Floridians to have access to affordable housing and essential needs,” said Mel Martinez, Chairman of the Southeast U.S. and Latin America for JPMorgan Chase. “We are making immediate investments to help those most affected by humanitarian challenges and looking into sustainable and innovative solutions to help small businesses and underserved communities recover with the crisis subsides.”

According to the JPMorgan Chase Institute, 65 percent of families don’t have the cash buffer to weather a simultaneous income dip and spike in expenditure like the one resulting from the COVID-19 crisis. Median Black and Hispanic families earn roughly 70 cents in take-home income for every dollar earned by White families. Racial gaps in liquid assets are twice as large. 50 percent of small businesses in the U.S. have less than 15 cash buffer days, meaning many small businesses are especially vulnerable in this environment.

JPMorgan Chase has collaborated with the Florida Community Loan Fund since 1998, providing operating support, equity grants and investments to extend the reach of affordable housing in Florida’s low income areas. In the last three years, the firm has invested more than $10 million in FCLF to increase affordable housing in Central Florida, and improve access to sustainable affordable housing near South Florida’s transit corridor.

Pictured above, South Florida Housing Link award announcement on October 30, 2019, at the Black Archives Historic Lyric Theater in the Overtown area of Miami. Photo courtesy of JPMorgan Chase.

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

Sabadell United Bank

"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

"BankUnited understands the challenges facing our communities; we applaud FCLF's efforts. Thank you for making our community a better place to live." – Katrina Wright, VP Comm. Dev.

BankUnited

“Thanks to FCLF adults with disabilities are living independently, fully included in their community." – Sheryl Soukup, Exec Dir

Residential Options of Florida

"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…

"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…

"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

"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 shows a clear strategy and demonstrated evidence of addressing prevalent community needs." – J. Reymundo Ocañas, Director, Corp Responsibility

BBVA Compass

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

Dignity Health

“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

"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

"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

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

Sister Mary Heyser, RSHM

“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.

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

Neighborhood Renaissance

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

JPMorgan Chase Foundation

"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 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.

Our Partners

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