The collaboration will bring innovation, long-term housing affordability, and stability to the Parramore community.
Three nonprofit organizations have entered a new partnership to invest $8 million in Orlando’s Parramore neighborhood, improving and preserving long-term affordable housing rental units for families in Central Florida. Florida Community Loan Fund, Central Florida Foundation, and New Jersey Community Capital have formed the Parramore Asset Stabilization Fund (“PASF”) to purchase, renovate, and preserve 83 scattered-site residential units across 44 different properties beginning in spring 2019. This unique partnership enables large scale, transformative impact resulting in long-term neighborhood improvements that align with community plans and values.
76% of low-income households in Orlando are cost burdened, spending more than 40% of income on rent and utilities. The Parramore neighborhood has a median household income of $15,000 and an unemployment rate of 23.8%. PASF will help to stabilize and improve this community by:
- Preserving affordability of 83 homes for ten years and beyond in a low-income community;
- Working with local nonprofit housing developers and general contractors to rehabilitate units for affordable rental housing;
- Improving living conditions for residents through renovations that emphasize health and energy efficiency; and
- Providing a pathway to intergenerational wealth and access to financial literacy programs that prepare residents for homeownership.
“We recognize that even though our three organizations have significant strength and capacity, we can be more successful in a shorter time frame by combining our strength, and achieve more together than we could individually,” says Ignacio Esteban, FCLF CEO. “The three mission-aligned partners are intent on deploying capital in a way that is impactful and meaningful in Central Florida and in the Parramore neighborhood, right in FCLF’s back yard.”
“We are excited to partner with the Florida Community Loan Fund and the Central Florida Foundation to preserve and improve healthy affordable homes for individuals and families across the Parramore community,” says Wayne Meyer, President of New Jersey Community Capital. “The preservation of much needed affordable housing is an integral component in preparing for an equitable future for the historic Parramore neighborhood.”
Florida Community Loan Fund and New Jersey Community Capital were recipients of the JPMorgan Chase PRO Neighborhoods grant in 2017, which supports the collaboration between these organizations and encourages innovative solutions for affordable housing in Central Florida.
“Central Florida Foundation believes in the power of affordable housing and the dignity that secure and stable housing ensures,” says Mark Brewer, president/CEO of Central Florida Foundation. “This is one piece of a broader strategy to create more affordable housing in the region.” In the coming months, Central Florida Foundation will launch the Central Florida Regional Housing Trust, thanks to generous support from JPMorgan Chase Foundation. The goal of the trust is to create more affordable housing for low to middle income families throughout Central Florida.
The significant financial capability of these organizations has laid the groundwork for the collaboration that makes community-wide improvements of this scale possible. The scope of this partnership will also build the capacity of these nonprofits, and allow them to leverage additional resources to bring about improvements in the Parramore area. Additional capital is provided by Seaside Bank, Valley National Bank, City of Orlando, and other philanthropic sources.
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 has financed $353 million through 328 loans in Florida, making possible over $980 million in new investments in low-income communities. 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. www.fclf.org
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 the creation/preservation of over 9,950 housing units, 6,350 early care seats, 18,950 education seats, and 10,700 jobs. For more information, visit: www.newjerseycommunitycapital.org.
About Central Florida Foundation. Central Florida Foundation believes in the power of philanthropy and that thoughtful strategies, combined with a generous community, make Central Florida a place where everyone feels at home. The Foundation works with families focused on giving back, nonprofits and across public and private sectors to bring philanthropy to life. It all began in 1994 as a dream around a table of local, passionate people, and has grown to be one of the community’s most trusted resources. Learn more at www.cffound.org.
Pictured above, Wayne Meyer, NJCC President, and Ignacio Esteban, FCLF CEO. Below, typical home in the area that will undergo renovations as a result of PASF.