ORLANDO, Fla., Oct. 2, 2017 /PRNewswire-USNewswire/ -- Florida Community Loan Fund (FCLF), a statewide source of flexible financing for community and economic development, will receive $30 million in bond funding as part of the U.S. Department of Treasury's CDFI Bond Guarantee Program (BGP). FCLF is one of eight Community Development Financial Institutions (CDFIs) that participated in a $145 million bond issued to Opportunity Finance Network (OFN), and the first in Florida to secure BGP funding.
FCLF will use the bond proceeds to finance affordable rental housing and commercial real estate projects throughout Florida low-income communities. "This long-term capital will be a significant resource for our borrowers, providing stable and predictable financing to address the critical needs across Florida for housing and social services," said FCLF CEO Ignacio Esteban.
A total of $245 million in bonds were issued by the U.S. Department of Treasury in 2017. Enacted as part of the Small Business Jobs Act of 2010, the BGP is an innovative federal credit program that offers credit-worthy certified CDFIs access to affordable long-term capital. Administered by the CDFI Fund at the Department of Treasury and designed to operate at no cost to taxpayers, the BGP brings highly qualified CDFIs long-term, low-cost capital to finance community and economic development in low-income or underserved rural areas.
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. To date, FCLF has financed over $300 million into projects totaling nearly $912 million, including affordable housing and community facilities that provide social services, such as food access, healthcare, homeless services, and education.
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SOURCE Florida Community Loan Fund (FCLF)