Thursday, July 18, 2024
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Florida Community Loan Fund Receives Millions with New Markets Tax Credit Award

Florida Community Loan Fund, a statewide nonprofit lending institution, has received a $40 million New Markets Tax Credit Allocation Award from the U.S. Department of Treasury Community Development Financial Institution Fund. The NMTC award allows FCLF to continue its 27-year history of providing flexible financing solutions for high social impact projects that support community development in low-income communities throughout Florida.

This is FCLF’s 10th NMTC award and 100% of the award will benefit Florida’s low-income communities. As a Florida-based and Florida-focused organization, FCLF will utilize this NMTC award to support projects that offer critical community services, including healthcare and youth/education services, and that create and support jobs that offer living wages and opportunities for upward mobility.

“This most recent New Markets Tax Credit allocation award from the CDFI Fund will multiply our organization’s reach and allows us to achieve outcomes in those communities where the need is the greatest,” said Ignacio Esteban, FCLF CEO.

FCLF has a track record of leading capital into Florida’s low-income communities, maximizing opportunities for people and places outside of the economic mainstream. This NMTC Award will provide outcomes consistent with previous projects; for example:

  • Overtown Youth Center, Miami, has served its low-income community for 18 years with mentoring, education and family support services. With NMTC, OYC constructed a new youth and family services facility that will reach 5,000 annually and support 175 jobs.
  • Evara Health, Pinellas County, this Federally Qualified Health Center (FQHC) used NMTC to finance the construction of two and the renovation of two existing health care facilities, expanding health services to reach 17,000 low-income patients annually, 51% of whom are on Medicaid or Children’s Health Insurance Program (CHIP). The project supports 300 jobs.
  • Jessie Trice Community Health System, Miami Gardens, financed construction of a FQHC in a medically underserved low-income community to expand its service offerings to reach 13,000 annually with medical, dental, mental health, and pharmacy services. The project supports 110 jobs.

Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 27-year history of providing flexible capital and expertise to nonprofit and mission-aligned for-profit entities that benefit 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.

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