$540,000 FCLF FINANCING
REFINANCE & REHAB LOAN for affordable housing
37 multifamily rental apartments + 1 single family homes
Fort Lauderdale CDC’s vision is “To create best in class living experiences that positively motivate and empower people to live their best life.” The organization’s mission is to be the community development catalyst for Fort Lauderdale’s low- and moderate-income residents.
Since 1988, Fort Lauderdale CDC (FLCDC) has served its target community by providing affordable housing and family services.
Florida Community Loan Fund provided $400,000 in financing in 2015 to refinance an existing loan. This reduction in debt allowed FLCDC to preserve the affordability of a multifamily property of 37 rental homes and provide necessary maintenance and improvements to the apartments.
Another FCLF loan in 2020 provided $140,000 to renovate a single family home and offer it for sale to a low-income family. Although only one property, the investment Fort Lauderdale is making in the neighborhood shows the value of redevelopment that supports the community.
Fort Lauderdale CDC’s focus is on the Sistrunk neighborhood, a low-income area with median income at 35% of the MSA median income. The area is close to bus routes and near redevelopment districts, and the Sistrunk corridor is undergoing general improvements to streets, retail and commercial properties. The improvements supported by FCLF’s loans will keep low-income rental housing available in a neighborhood that is seeing the benefits of redevelopment.