Florida Community Loan Fund awarded $65 million to drive tax credit impact
Nov 22, 2016, 5:18pm EST
Orlando Business Journal
Florida Community Loan Fund, a statewide source of flexible financing for community and economic development, has received $65 million in New Markets Tax Credit allocation authority from the U.S. Department of Treasury Community Development Financial Institutions Fund.
The award enables the Orlando-based Florida Community Loan Fund to support economically disadvantaged communities and finance projects that otherwise could not proceed. Florida Community Loan Fund’s 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 Florida Community Loan Fund has been entrusted to invest in Florida’s future with this New Markets Tax Credit allocation,” said Florida Community Loan Fund 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 Florida Community Loan Fund New Markets Tax Credit investments include:
Central Florida Health Care, Polk and Highlands counties, reaching 5,000 more low-income patients in rural communities with two new and two renovated New Markets Tax Credit-financed local clinics.
Cade Museum for Creativity & 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 New Markets Tax Credit financing.
Florida Community Loan Fund is a nonprofit financing entity with a 20-plus year history of providing flexible capital and expertise to low income communities across Florida. It 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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