CENTRAL REGION
$1.17 million FCLF financing (3 loans)
Acquisition, rehab, and new construction loans
24 units of affordable rental housing and supportive services
“As a nonprofit affordable housing provider, Community of Hope struggles with attaining traditional bank financing; Florida Community Loan Fund made funding more affordable housing simple. The families we serve are more in their debt than we are!” – Drew Warren, Executive Director, Community of Hope
Community of Hope was founded in 2005 when church members in Brevard County came together to provide affordable and transitional housing and programs for families while they work to stay together, with a focus on families with children and ending the cycle of poverty. By 2015, COH had acquired 29 homes, providing 89 qualified residents with housing and programs including budgeting, parenting classes, goal setting, and reaching self-sufficiency. In 2020, COH housed and sheltered more families than in any prior year of its 15-year history and is now the largest provider of affordable housing to homeless families in Brevard County. Faced with a virus that caused many homeless service agencies to shut their doors or restrict their services, COH broadened its services and reached more families than ever.
With is first loan from Florida Community Loan Fund, COH purchased an apartment building to continue their housing and services programs. COH collaborates with the Brevard County Housing Authority and the Florida Dept. of Children and Families to identify families for these homes, with a focus on families who have been approved by the courts to reunite but lack adequate housing to do so.
Additional loans from FCLF financed construction of new apartments and purchase / rehab of a townhome community. Tropic Hammock, located in Titusville, will provide housing and on-site services for very low-income families coming out of homelessness. The land for this development was donated by the City of Titusville, and Brevard County provided HOME funds for construction.. The purchase and rehab of 14 2-bedroom townhomes in Palm Bay will provide affordable housing for families coming out of homelessness. In addition to FCLF financing, funding for this project was provided by the City of Palm Bay through the American Rescue Plan Act. As well as providing housing for homeless families, these projects will help stabilize their neighborhoods.
For more information visit www.hopeofbrevard.com
