Source: Florida Community Loan Fund
July 19, 2011
Florida Community Loan Fund receives $1.5 million
CDFI Fund Award
Capital Award will Increase Lending for Community Development Projects Across Florida.
The Florida Community Loan Fund (FCLF) has received a $1,500,000 Financial Assistance (FA) award from the Community Development Financial Institution (CDFI) Fund of the U.S. Treasury Department. The funds will allow us to provide financing to support organizations that work to create affordable housing, supportive housing, community facilities and economic development opportunities in distressed communities throughout Florida.
“FCLF was created over fifteen years ago by visionaries who recognized the need for improvement in low-income neighborhoods through Florida,” said Ignacio Esteban, Executive Director of the Florida Community Loan Fund. “The CDFI Award allows us to continue creating pathways for capital to reach the areas where it is most needed and the organizations providing on-the-ground services.”
FCLF was one of two organizations in Florida to receive funding from the CDFI Fund FA/TA program this year. Since its first award from the CDFI Fund in 1998, FCLF has secured over $6.2 million through this program, consistently ensuring this important federal resource is effectively put to work on behalf of organizations that support low- and moderate income Floridians statewide.
Since 1996 FCLF has delivered $103 million in cumulative financing through 160 loans. Our ability to leverage these dollars with other sources of private and public capital has enabled us to support over $350 million to finance a wide range of community, social and economic development projects that improve lives and create jobs.
Nationally, the CDFI Fund announced $142.3 million in Financial and Technical Assistance awards – the largest single round of monetary awards in the CDFI Fund’s history – to 155 different organizations for the FY 2011 fiscal year. Awards range in size from just over $45,000 to a maximum award size of $1.5 million. The CDFI Fund received 393 applications requesting nearly $466 million.
For more information:
About the Florida Community Loan Fund visit: http://www.fclf.org
About the CDFI Fund Awards visit: http://www.cdfifund.gov
FCLF on Facebook: http://www.facebook.com/#!/pages/Florida-Community-Loan-Fund/50514298124
About the Florida Community Loan Fund
FCLF provides flexible capital and technical assistance primarily to nonprofit organizations working in community development through its three financing programs: Community Development Loan Pool, New Markets Tax Credits, and the Florida Preservation Fund. Since it began lending in 1996, FCLF has originated more than $100 million in low-cost credit to projects sponsored by community-based nonprofit and mission-focused for-profit organizations throughout Florida and has leveraged an additional $350 million in loans and grants from various public and private sources for those projects. FCLF has a broad range of investors including most major financial institutions operating in Florida, individual investors, religious investors, national foundations and trade associations. FCLF is certified as both a Community Development Financial Institution and a Community Development Entity, and is a member of Opportunity Finance Network.
OUR VISION: Every community in Florida is productive and sustainable.
OUR MISSION: The Florida Community Loan Fund harnesses the power of financial capital and human creativity to transform lives and communities.
FCLF • Main Office: 501 N. Magnolia Avenue, Suite 100 • Orlando, FL 32801
Also serving the State with Offices in Jacksonville, Tampa, Sarasota, West Palm Beach