ORLANDO, Fla., June 15, 2015 /PRNewswire/ -- Florida Community Loan Fund (FCLF), a statewide source of flexible financing for community and economic development announced today that it has been awarded $55 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury Department Community Development Financial Institution (CDFI) Fund.
The $55 million allocation marks the sixth NMTC allocation for FCLF, establishing the nonprofit organization's position as a premier Florida-based practitioner of the federal program. To date, FCLF has been awarded a total of $206 million in NMTC allocation.
"As a mission based financial institution, we exist to help capital flow to where it is most needed," said FCLF CEO, Ignacio Esteban. "NMTC has proven to be one of the most effective tools to make projects successful, help us achieve our mission, and improve communities."
FCLF will use 100% of this NMTC allocation in Florida, bringing high impact projects to severely distressed communities – which in turn creates jobs, expands the provision of health care and other services to low-income Floridians, and provides access to healthy food options in underserved areas. Examples of how FCLF has deployed previously awarded NMTC funds include:
- CASA domestic violence shelter in Pinellas County will triple its capacity with a new 100-bed facility, serving 1000 low-income Floridians each year. The clients are offered not only shelter in their time of crisis, but also receive counseling, job training, and other services.
- The duPont Center in Jacksonville is the renovation of an historic library building by the Jessie Ball duPont Fund. This project brings area nonprofits together in a collaborative space and will also offer below market, affordable office rental rates, catalyzing downtown reinvestment and providing 350 jobs.
Florida Community Loan Fund (FCLF) is a statewide, multifaceted financing entity providing flexible capital and expertise to low-income communities. FCLF became Florida's first certified statewide Community Development Financial Institution in 1996, was certified as a CDE in 2003, and in 2014 was one of three U.S. Community Development Financial Institutions awarded the national Wells Fargo NEXT Opportunity Award which recognizes mission-driven community lenders with innovative strategies to preserve and expand affordable housing. www.fclf.org
SOURCE Florida Community Loan Fund (FCLF)