$195,000 FCLF financing
8 homes for affordable rental housing
Community Enterprise Investments, Inc. – CEII – is a nonprofit organization based in Florida’s panhandle. Since 1974, CEII has provided opportunities for employment, small business ownership, and affordable housing in 22 Florida and 40 Alabama counties. Programs include SBA microloans, HUD housing counseling, and development of homes for rent and for sale to low-income and first-time homebuyers.
With financing from Florida Community Loan Fund, CEII will refinance an existing mortgage on Caminitti Place in Pensacola, Florida; a multifamily property with 8 rental homes available to very low-income households. The FCLF loan will help preserve long-term affordability of these homes and improve cash flow to the organization which can be used to maintain its programs and properties and revitalize neighborhoods in the counties it serves.
CEII was the Florida Community Loan Fund’s first borrower, with a loan in 1996 to for acquisition and rehabilitation of 7 single-family homes. Since that time CEII and FCLF have had a strong partnership through several loans that have provided affordable housing in Florida low-income communities.
For more information visit www.ceii-cdc.org