ORLANDO, Fla., Sept. 2, 2021 /PRNewswire/ -- Florida Community Loan Fund, a statewide nonprofit lending institution, today announced an award of $35 million in New Markets Tax Credit allocation from the U.S. Treasury Community Development Financial Institution Fund. FCLF – Florida-based and Florida-focused – will devote 100% of this award to the underserved state of Florida.
FCLF has brought innovation to Florida since it became one of the state's first certified CDFIs and through deployment of its eight prior NMTC allocation awards. This year's NMTC award will allow FCLF to continue building on its track record of financing high-impact community facilities to bring accessible, quality services and jobs to low-income Florida communities Florida.
With this NMTC award, FCLF will target financing to create jobs, increase access to affordable healthcare, and provide opportunities to disadvantaged youth. Florida has a healthcare crisis, with 2.73 million uninsured residents – the 2nd highest rate nationwide. Florida also has a need for services to enhance educational attainment and the resulting economic mobility, as shown by its rank of 42nd in the U.S. in overall children's well-being.
"The New Markets Tax Credits program has a proven track record as an indispensable tool to help make community development projects possible," said FCLF CEO Ignacio Esteban. "Florida Community Loan Fund is honored to have received allocation authority this year. At a national level, competition for NMTC is higher today than ever. FCLF's strong performance with the program helped secure this $35 million that will be deployed entirely in Florida."
FCLF will funnel the benefits of this NMTC allocation into entities that do not have the cash flow to support the traditional debt needed for large-scale development projects. Without NMTC financing these organizations may not otherwise be able to raise necessary capital to bring their projects to fruition.
Examples of past FCLF NMTC healthcare and education projects serving low-income communities include:
- Community Health Centers of Pinellas. Construction and renovation of 4 healthcare facilities – including a food bank with prescriptions for healthy foods – created 159 full-time jobs and will reach 17,000 patients annually.
- Overtown Youth Center. A new youth and family services center will replace an obsolete structure in a neighborhood with the highest juvenile crime rate in Miami, serving over 2,000 annually.
- Boys & Girls Clubs of Palm Beach County. Construction of a new 13,860 square-foot teen center tripled its capacity to reach local teens and families with academic enrichment and career readiness in a community marked by 50% poverty.
About Florida Community Loan Fund. Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 25-year history of providing flexible capital and expertise to people and places outside the economic mainstream across Florida. 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.
Media Contact: Janet de Guehery, [email protected]
SOURCE Florida Community Loan Fund (FCLF)