Neighborhood Renaissance is transforming communities in Palm Beach County, and Florida Community Loan Fund has been a part of the transformation by providing financing for new and renovated affordable homes in West Palm Beach.
Neighborhood Renaissance recently held a ribbon cutting at a new affordable home in West Palm Beach. This occasion marked the completion of the first of 74 foreclosed houses that the organization has purchased and is renovating as affordable homes. In addition to these renovations, Neighborhood Renaissance has also built 13 new energy efficient homes for first-time homebuyers in the Westgate area of Palm Beach County.
Neighborhood Renaissance is a non-profit organization dedicated to breathing new life into Palm Beach County neighborhoods by offering homes for sale or rent that are within financial reach for low- and moderate-income families. In addition to these new or renovated foreclosed homes in Westgate, the agency has helped over 65 families purchase their first home and built 33 single family homes in the Northwood area.
Florida Community Loan Fund (FCLF) has partnered with Neighborhood Renaissance since 2003 through 7 loans that helped transform communities in Palm Beach County. The foreclosed home renovation project has also received funding through FCLF and the NSP Program of Palm Beach County. Additional funding has come through partnerships with the Westgate / Belvedere Homes Community Redevelopment Agency, Palm Beach County Housing and Community Development Department.
Pictured at right are various phases of the Westgate area project, from the October 2011 groundbreaking - which included new homeowners - to the April 2012 ribbon cutting for a local family who is realizing their dream of home ownership.
The new homes will meet green building standards and feature Florida-friendly landscaping, renewable and easily accessible building materials, low-flow water fixtures, alternative flooring, and energy efficient appliances. All of these homes will be available to households earning at or below 80% of the area median income. The new construction and renovation will reduce the number of vacant properties in the area, thereby reducing crime, as well as provide temporary jobs during construction.
We invite you to learn more about FCLF, our lending programs, borrowers and investors. For more information - About the Florida Community Loan Fund visit: www.fclf.org About Neighborhood Renaissance visit: www.neighborhoodrenaissance.org.
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 Florida Preservation Fund. Since it began lending in 1996, FCLF has originated more than $100 million in low-cost credit to projects 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, individuals, religious investors, national foundations and trade associations. FCLF is certified both as a Community Development Financial Institution and a Community Development Entity, and is a member of Opportunity Finance Network.
Organizations such as FCLF play a significant role in sustaining vibrant and thriving communities.
- Brian A. Ziemba, Central Florida Market President, TD Bank
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