The Loan Fund ensures that every loan it makes contributes to community development and positive social change. Borrower stories are all about what a difference a loan can make.
BAY EQUITY INVESTMENTS
Bay Equity Investments, Inc. (BEII) in Panama City was granted a loan of $275,000 from the Loan Fund as a revolving line of credit to construct up to 9 single family homes for sale for low-income families.
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COMMUNITY ENTERPRISE INVESTMENTS, INC. (CEII)
Located in Pensacola, Community Enterprise Investments, Inc. (CEII) is a 20-year-old community development corporation providing small business loans throughout the Florida Panhandle and southern Alabama. Affordable housing projects in Pensacola and Escambia County are also a part of CEII's community re-development efforts. CEll is presently sole owner of more than 150 units of affordable rental housing which have been developed during the past 10 years.
CEII has received four loan commitments from the Loan Fund.
The first loan of $50,000 was combined with other sources to create a working capital pool for new construction and renovation of homes for low-wealth households in Pensacola. A second loan of $150,000 was made to assist in the construction of 11 units of affordable rental housing. A third loan - a line of credit recently increased to $500,000 has allowed CEII to acquire single-family home sites and land-bank them. CEII has been able to use this line to create a total of 57 units of affordable housing. A new construction loan of $200,000 will be used to build 8 units of affordable rental housing. FCLF also assisted CEII with emergency hurricane funding totaling $82,500.
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COMMUNITY HOUSING PARTNERS CORPORATION
The Loan Fund participated with Federation for Housing Enterprises and National Community Capital Association in $2,100,000 in term loan financing for acquisition/rehab of 99-unit Section 8 multi-family affordable rental housing for low- and very-low income families in Tallahassee.
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FLORIDA GREEN COMMUNITIES ™ INITIATIVE
FCLF and Enterprise Foundation have agreed to double their original commitment and will now supply up to $12 million in loan capital to help stimulate the development of affordable housing in Florida communities. In addition, FCLF’s financing will include special, lower-cost funding available through the Florida Green Communities ™ Initiative. The Initiative will also provide grant funding to qualified non-profits.
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GOOD NEWS OUTREACH
GNO operated its Meridian Road house for about 5 years as part of its homeless services program for recent parolees. The property serves as transitional housing for 6 homeless clients who are recent parolees. GNO provides affordable housing and supportive services to its clients. GNO used a $114,000 loan from FCLF to purchase this formerly-leased property.
The Loan Fund made its first loan to Good News Outreach in 2001. GNO used $550,000 in joint FCLF and SunTrust funding for the acquisition of a small apartment complex, that it converted into an SRO (single-room occupancy) facility.
The Loan Fund provided $600,000 in funding necessary for the pre-development and acquisition costs for the expansion of its Maryland Oaks transitional housing site. For more photos, click here.
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PEOPLES ADVOCACY CENTER FOR TRAINING, INC. (PACT)
The Loan Fund provided PACT with a $45,000 loan to acquire a facility for its office in Tallahassee.
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