Nonprofit Partnership Invests $8 Million in Affordable Housing in Central Florida

18 February 2019

The collaboration will bring innovation, long-term housing affordability, and stability to the Parramore community.

FCLF NJCC 2019 picThree 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.

For more information: Caroline White This email address is being protected from spambots. You need JavaScript enabled to view it., Janet de Guehery This email address is being protected from spambots. You need JavaScript enabled to view it., Rachel Calderon This email address is being protected from spambots. You need JavaScript enabled to view it.


Florida Community Loan FundAbout 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

New Jersey Community CapitalAbout 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.

Central Florida FoundationAbout 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.

PASF sample home

“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

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

Metropolitan Ministries

"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, 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 addresses local community needs, which aligns with our core values. We appreciate your commitment to our communities.” – Mellissa Slover-Athey, Comm Reinv Ofcr

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

"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

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

JPMorgan Chase Foundation

"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…

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

Allegany Franciscan 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.

"FCLF staff shares our vision and commitment to serve needy families and provide a high quality education to all children." – Thomas Cole, Founder

Emma Jewel Charter Academy

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

Sister Mary Heyser, RSHM

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

R.E.A.C.H.

“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

"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

"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

“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

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

Sabadell United Bank

Our Partners

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FCLF Staff meet and greet friends at an FLACDC event.
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Support from Valley Bank helps FCLF build strong communities.
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FCLF staff with local supporters at Metropolitan Ministries Tampa.
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Rep. Ander Crenshaw visited KIPP Jacksonville School
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FCLF supporter, the Northern Trust Company, hosted a housing roundtable in Sarasota.
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Rep. Daniel Webster visited FCLF staff.
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FCLF staff and US Legislative staff at an event honoring Youth of the Year.
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FCLF at Florida Housing Conference
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Emma Jewel Charter Academy
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FCLF at Florida Housing Conference
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Mathis Place Resident
Residents at Neighborhood Renaissance's Mathis Place enjoy affordable rent.
RCRI Conference 2012
The RCRI Conference allows FCLF staff to touch base with our religious supporters.
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New rental homes are available for farmworker families at Casa San Juan Bosco.
Axiom Bank
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Emma Jewel Academy and FCLF
Emma Jewel Charter Academy offers education for the whole child in Brevard County.
Casa San Juan Bosco and FCLF
Catholic Charities, Diocese of Venice, financed the land for farmworker rental housing with FCLF.
ASPIRA of Florida Aspirantes
ASPIRA of Florida offers education & mentoring with a focus on low-income and Latino students.
MTZ Carver Construction
FCLF projects create jobs and stimulate development in low-income communities.
DuPuis Pointe Miami
DuPuis Pointe offers affordable, hurricane proof homes in Miami.
Greater Heights Resident
FCLF Financing to Neighbor Up Brevard helps provide affordable rental housing.
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