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.
ASPIRA OF FLORIDA - NORTH
ASPIRA of Florida is a nonprofit organization dedicated to the education and leadership of Puerto Rican and other Latino youth. It operates 5 Youth Leadership Development/Outreach Divisions and 3 charter schools in Miami-Dade, Broward, and Palm Beach counties. Using the NMTC Program, ASPIRA received $7.4 million in low-cost funding to renovate and expand the facilities of its charter middle school, which is located in a NMTC-qualified Census Tract with an estimated median income at 70% of MSA median. The new facility allowed the school to double its enrollment from 300 to 600 students, of which nearly 85 percent qualify for free and reduced price lunches. The new building is a 35,393 sq foot, 3-story structure and replaced a system of classroom portables. Construction was completed under budget and on time for the new school year in August 2008.To view photos of ASPIRA school, visit:
ASPIRA of Florida
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BETTER WAY OF MIAMI
Better Way of Miami provides a supportive drug and alcohol recovery program for homeless individuals. With $240,000 from the Loan Fund, Better Way was able to renovate a thrift shop facility that also provides staff offices for the organization.
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BROWARD HOUSING SOLUTIONS
Broward Housing Solutions has five loans from FCLF. The first three Loan Fund loans of $165,300 and $200,000 and $153,000 were used to purchase and construct affordable supportive housing for adult clients diagnosed with severe and persistent mental illness. One loan purchased a triplex of 2-bedromm apartments providing affordable rental housing and supportive social services for 6 adults. The second paid for the "soft costs" associated with the construction of an additional 11 units for 15 low-income chronically mentally ill persons. The third loan of $153,000 in partnership with additional funding from Washington Mutual helped acquire and renovate 16 new units for clients. In addition, BHS has a $400,000 Line of Credit for acquisition/rehab of properties. To view photos visit: Broward Housing
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CARRFOUR SUPPORTIVE HOUSING
Carrfour Supportive Housing in Miami has borrowed three times from the Loan Fund loan. The first loan provided $150,000 pre-development financing associated with the purchase and renovation of supportive housing for homeless disabled persons. The second provided $75,000 provided similar financing for 55 units of supportive housing for the homeless in Miami. A third loan for $99,500 was being used for similar purposes to preserve 235 units of affordable Section 8 rental housing.
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DADE EMPLOYMENT AND ECONOMIC DEVELOPMENT, INC.
Dade Employment and Economic Development, Inc. (DEEDCO), used $55,096 in Loan Fund financing to acquire and rehabilitate a single-family townhouse in Miami, enabling a low-income family to experience the pride of home ownership.
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DUPUIS POINTE, LLC
NHS Housing Development is partnering with FCLF on DuPuis Pointe, a subdivision to be located near Brownsville, one of Miami-Dade's most economically distressed neighborhoods. A $1 million loan and a green grant are funding the infrastructure for DuPuis Pointe, which will provide 27 affordable green homes to low- and moderate-income families. The homes will be able to withstand 150 mph winds, include impact windows, Energy Star appliances, low-flow water fixtures, low VOC paint, and other green features. To view more photos, click here.
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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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GALATA, INC.
The Loan Fund provided $30,000 to help acquire a building to be used as a community facility which was purchased to expand client services to youth, the elderly, and others in the Haitian community.
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GREATER MIAMI NEIGHBORHOODS, INC.
FCLF participated in $5,700,000 in financing with Community Loan Fund and Neighborhood Lending Partners to assist GMN to purchase nine parcels of property necessary for eventual development of 154 unit mixed-income affordable residential home ownership complex and 11,000sf of commercial/retail space in the East Little Havana neighborhood of Miami.
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JUBILEE COMMUNITY DEVELOPMENT CORPORATION
Jubilee Community Development Corporation has borrowed twice from the Loan Fund. Its first loan developed six rental units in three duplexes in Homestead for formerly homeless families, with a disabled family member, who were ready to move out of transitional housing. The Loan Fund loan was $72,489. A second loan for $71,400 was used to help purchase a site for a 38-unit multifamily condo project.
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L.B.W. HOMEOWNERS' FOUNDATION CORAL GABLES
L.B.W. Homeowners’ Foundation of Coral Gables, Inc. (LBW) is a non-profit dedicated to preserving and revitalizing the historic McFarlane Homestead Subdivision in Coral Gables, Florida. This loan from FCLF will be used for new construction of 4 single family homes for low-income buyers, who are also eligible for a subsidy through Miami-Dade County. The homes complement the historical nature and Bahamian culture of the neighborhood. LBW has partnered with Redevco, Inc. for construction and property management.
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LITTLE HAITI HOUSING ASSOCIATION
The Loan Fund provided a $35,000 bridge loan to assist Little Haiti in pre-development costs for an affordable housing project in Miami.
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MIAMI BEACH COMMUNITY DEVELOPMENT CORPORATION
Miami Beach Community Development Corporation has rehabilitated a three-story apartment building in the historic art deco section of Miami Beach with a Loan Fund loan of $100,000. The Mediterranean Revival building now contains four studios and 23 one-bedroom apartments for low-income elderly citizens, enabling them to remain in their neighborhood despite rising property values. In September 2004, MBCDC received a second loan for $500,000 to assist in rehabilitation of another building for 18 new units of elderly housing. To view photos of Miami Beach CDC, visit: Miami Beach CDC
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NEW HOPE C.O.R.P.S.
New Hope C.O.R.P.S., Inc. provides religious-centered support and social services primarily to chronically addicted homeless clients in a supportive housing environment. Incorporated in 1993, NDC serves the South Dade area from its offices in Homestead. In the years since its founding, NHC has provided housing, counseling, life skills training, job training and placement to over 800 clients through its in-house and outpatient services. With 2 loans from the Loan Fund totaling $566,700, New Hope C.O.R.P.S. was able to purchase and renovate a facility that doubled its service capacity, and acquire an additional home to provide housing for 8 clients. To view photos, click here.
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NEW URBAN CDC / URBAN LEAGUE PALM BEACH
The Townhouses at Henrietta, an 11-unit rental development in West Palm Beach, is being jointly developed by New Urban CDC and the Urban League of Palm Beach County. The project will provide rental housing for low income families, and will also provide homebuyer education and credit counseling programs for its residents. The 2-, 3-, and 4-bedroom townhouses are in a low-income, historic neighborhood, and include funding from the City and County as well as other sources in addition to FCLF financing.
To view more photos, click here.
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THE NEHEMIAH PROJECT OF HOMESTEAD,INC.
The Nehemiah Project of Homestead, Inc. completed construction of six single family homes with Loan Fund financing of $88,000. The Nehemiah Project helps low-income families achieve financial independence through the purchase of a quality affordable home. FCLF also provided funds in partnership with Northern Trust to complete construction of 12 affordable homes for low- and very-low income homebuyers and funds to repair damage from Hurricane Katrina.
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THINK LIFE,INC.
Think Life, Inc. provided therapeutic day care for infants and preschool children from families with HIV/AIDS. With a below-market interest rate loan of $100,000, the Loan Fund helped this group purchase the building it had been renting, saving the corporation thousands of dollars a year, and enabling it to provide even more services the children served. Think Life, ceased operation in September 2000. The Loan Fund recovered the building and through an innovative partnership with the City of Fort Lauderdale, the building is now used by Kids in Distress, another non-profit organization.
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US FELLOWSHIP OF FLORIDA
U.S. Fellowship of Florida received a Loan Fund loan of $400,000 to purchase a facilty for supportive housing services for 8 chronically mentally ill low-income clients in Key West. The facilty also serves as staff offices for its programs in the area.
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VICTORY LIVING PROGRAMS
Victory Living Program in Dania Beach has used two Loan Fund loans. The first loan of $375,00 was made with additional funding from the Institute for Community Economics. The combined funding supported the construction for the expansion of its employment services center and re-financed VLP's housing facility for 26 developmentally disabled clients. The second loan of $25,000 is an operating line of credit for managing its job-training and life skills programs. FCLF has also provided VLP with a $14,000 hurricane recovery loan.
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WEXFORD UM LIFE SCIENCE RESEARCH PARK
Wexford Science + Technology will develop this research and development park located adjacent to the University of Miami. Phase I of the project consists of a 300,000 square foot complex that will include a research lab and a business incubator for emerging businesses affiliated with university research. Phase II will also allow for the location of a South Florida Proton Beam Center, only the seventh of its kind in the U.S. FCLF’s NMTC Allocation was used to help attract additional NMTC and conventional funding for pre-development and construction of the park. The project is expected to create 790 jobs during construction and 539 permanent jobs when completed and fully occupied. The project is located in a census tract with 39% MSA and 43% poverty rate. Funders on the project include M&T Bank, US Bank CDC, and other investment groups. Construction of the research park is expected to begin in September 2009.
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WORD OF LIFE CDC
Word of Life CDC borrowed twice from the Loan Fund to build 4 single family homes for sale for low-income families in the Liberty City area of Miami.
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