ORLANDO, Fla., Nov. 22, 2016 /PRNewswire-USNewswire/ -- Florida Community Loan Fund (FCLF), a statewide source of flexible financing for community and economic development, announced that it has received $65 million in New Markets Tax Credit (NMTC) allocation authority from the U.S. Department of Treasury Community Development Financial Institutions (CDFI) Fund.
The award is important for Florida's communities as it enables FCLF to support economically disadvantaged communities and finance projects that otherwise could not proceed. FCLF's mission based strategy will focus on high social impact projects, such as community health centers, facilities serving homeless and other at-risk populations.
"We are honored that FCLF has been entrusted to invest in Florida's future with this NMTC allocation," said FCLF CEO Ignacio Esteban. "We believe that financing and expertise can drive positive economic and social change and we are excited to help strengthen more communities in Florida."
Examples of past FCLF NMTC investments include:
- Central Florida Health Care, Polk & Highlands Counties, reaching 5,000 more low-income patients in rural communities with 2 new and 2 renovated NMTC-financed local clinics;
- Cade Museum for Creativity and Invention, Gainesville, breaking down barriers to science and technology and connecting low-income youth to academic resources and mentorship;
- Lotus Village, Miami, providing shelter and a support system to homeless women, youth and children and doubling its former size with NMTC financing.
About Florida Community Loan Fund
Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 20+ year history of providing flexible capital and expertise to low income communities 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. FCLF has financed $250 million through 250 loans in Florida, making possible over $850 million in new investments in low-income communities.
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SOURCE Florida Community Loan Fund (FCLF)