Florida Community Loan Fund is awarded $60 million in New Markets Tax Credits

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Sep 25, 2023, 15:19 ET

ORLANDO, Fla., Sept. 25, 2023 /PRNewswire/ -- Florida Community Loan Fund is pleased to announce it has been awarded $60 million New Markets Tax Credit Allocation award from the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund. FCLF has received a total of 11 awards aggregating to $451 million.

Florida has the 5^th highest number of low-wage jobs in the U.S., with wages 12% lower than the average. As a Florida-based and Florida-focused lending institution, FCLF has successfully delivered previous NMTC awards to nonprofit projects that deliver high impact to low-income residents and communities. This NMTC award will continue to focus on high-impact community facility projects providing jobs and support services in highly distressed census tracts.

"FCLF is pleased to receive this 2022 allocation," said its CEO, Ignacio Esteban. "The NMTC program is a proven way to mobilize capital to address the needs of the disadvantaged and minority communities we serve throughout Florida. This allocation will enable FCLF to focus on funding that supports accessible job creation, affordable healthcare access, and the significant growth in demand for opportunities for disadvantaged youth."

FCLF has a history of deploying NMTC allocation to high-performing nonprofits in low-income communities. Examples include:

Feeding Northeast Florida (Jacksonville).
Evara Health (Clearwater).
Agape Village Health Center (Miami).

The New Markets Tax Credit was enacted in 2000 in an effort to stimulate private investment and economic growth in low-income urban neighborhoods and rural communities that lack access to capital needed to support and grow businesses, create jobs, and sustain healthy local economies. The NMTC is a 39 percent federal tax credit, taken over seven years, on investments made in economically distressed communities. In 2022 alone, the NMTC program funded 297 projects supporting $6.7 billion in total capital investments and over 52,800 full time equivalent jobs.

About Florida Community Loan Fund. Florida Community Loan Fund is a nonprofit, multifaceted financing entity with a 28-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. www.fclf.org.

Media Contact: Janet de Guehery, [email protected]
Twitter @FCLFOrg

SOURCE Florida Community Loan Fund (FCLF)