Florida Community Loan Fund Secures Major Funding
New Federal Allocation will Expand Access to Essential Services in Underserved Communities and Promote Economic Growth
Florida Community Loan Fund (FCLF), a dedicated nonprofit lending institution, has been awarded a remarkable $75 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund. This significant award marks FCLF's largest to date, contributing to a total of 14 NMTC allocations amounting to an impressive $586 million.
This allocation is part of the Treasury's substantial $10 billion NMTC allocation authority designated for the years 2024 and 2025. It enhances FCLF’s capability to finance transformative community facility projects, such as Federally Qualified Health Centers (FQHCs) and neighborhood facilities offering essential services for youth and other vital social programs, meeting the urgent needs of low-income communities.
As FCLF CEO Ignacio Esteban stated, 'This NMTC round arrives at a critical time for Florida communities, many of which are grappling with rising living costs and widening gaps in essential services that strain families across the state.' With this funding, FCLF is set to accelerate projects that can generate quality employment, enhance community healthcare, and provide meaningful opportunities for families and youth.
In Florida, a state grappling with an alarming uninsured rate of 13.4%, close to 4 million residents are confronted with significant barriers to accessing basic healthcare. This often leads them to delay necessary medical treatment. FQHCs play a crucial role in bridging this gap by delivering comprehensive healthcare regardless of a patient's ability to pay. Further compounding this issue is the fact that 17% of youth in Florida live below the poverty threshold, placing the state among those with the highest rates of homelessness. This scenario creates an overwhelming demand for youth programs and workforce training initiatives, far exceeding the current available resources.
FCLF aims to utilize the NMTC financing effectively to support FQHCs and nonprofit organizations, thereby enhancing their ability to provide critical services in low-income neighborhoods. This financial approach significantly boosts their capacity to make a positive impact, much faster than conventional fundraising methods.
Founded in 1994, FCLF’s mission focuses on delivering flexible financing to low-income communities across Florida. Since the NMTC program's introduction, FCLF has successfully employed NMTC financing to realize transformative projects that maximize social and economic impact. Notable projects funded include essential services like those at Treasure Coast Community Health in Indian River County and multiple locations of Central Florida Health Care, which serve the communities in Lakeland and Frostproof, as well as vital programs at the Boys & Girls Clubs of Sarasota and DeSoto Counties, and Metropolitan Ministries' MiraclePlace Pasco.
The NMTC Program facilitates economic growth in economically distressed areas by providing tax credit allocations to Community Development Entities (CDEs) that make targeted investments in eligible regions. A significant recent development is the enactment of the NMTC as a permanent part of the U.S. tax code through the One Big Beautiful Bill Act (OBBBA) in 2025, which demonstrates the program's critical importance. For every $1 of federal investment through NMTCs, an impressive $8 is generated in private investment.
About Florida Community Loan Fund
Florida Community Loan Fund actively pursues opportunities to uplift individuals and places often excluded from mainstream economic growth. As a nonprofit entity with three decades of experience, FCLF specializes in providing flexible capital along with expertise to nonprofit and mission-driven for-profit organizations, ensuring the viability of their projects and enhancing community well-being. FCLF holds national recognition for its achievements as a certified CDFI and CDE through the U.S. Department of Treasury and is a proud member of the Federal Home Loan Bank of Atlanta. Learn more about FCLF’s initiatives at www.fclf.org.
Media Contact: Typhanie Stewart
LinkedIn: Florida Community Loan Fund
Frequently Asked Questions
What is the New Markets Tax Credit allocation for FCLF?
FCLF has been awarded a $75 million allocation as part of the New Markets Tax Credit program.
How will the funding benefit underserved communities?
The funding will enhance access to essential services, finance community facilities, and create jobs in low-income neighborhoods.
What is the significance of FCLF's work?
FCLF aims to promote economic growth and improved access to healthcare and services for low-income populations in Florida.
How many NMTC allocations has FCLF secured?
This new allocation brings FCLF's total number of NMTC allocations to 14, amounting to $586 million.
What is NMTC's impact on private investment?
For every $1 of federal investment through NMTCs, the program generates $8 in private investment, showcasing its effectiveness.
