JESSIE BALL DUPONT FUND
The Jessie Ball duPont Fund, Florida's leading national foundation, has supported FCLF since its earliest days through equity investment and operating support, with the gracious support of the Archdiocese of Miami.
FCLF shares the core values of the Jessie Ball duPont Fund. It maintains a peer relationship with its borrowers in an open, direct and efficient manner of communication. As an institution of social conscience, it works daily to empower and invest in low-income communities throughout Florida.
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SINGING FOR CHANGE
Jimmy Buffet's Singing for Change Foundation has teamed up with the National Community Capital Association (NCCA) to help FCLF research and develop a new Florida statewide childcare lending initiative. Jimmy Buffet, loved for his lyrical depictions of a laid-back Florida lifestyle, supports important social justice projects, such as FCLF, out of proceeds from concert-goer ticket sales. Famous for putting Florida's Margaritaville on the map, Jimmy is the first celebrity entertainer to support FCLF.
In 2001, a $10,000 grant from Jimmy's Singing For Change Foundation met the matching funds requirement of an intital grant and investment from NCCA's new National Partnership for Chidlcare Finance program. The Loan Fund was one of only 13 loan funds nationwide to be selected for this program.
Thanks to the Singing for Change Foundation's leadership, FCLF created a pool of $300,000 in loan capital exclusively for child care providers. Seed capital was provided by the National Community Capital Association and Providian Corporation. This enabled FCLF to work with child care leaders and organizations across the state to improve childcare services, and respond to specific lending opportunities to acquire, build or renovate child care community facilities.
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U.S. TREASURY DEPARTMENT, CDFI FUND
The Florida Community Loan Fund has received financial assistance awards and technical assistance grants numerous times since 1998 from the nationally competitive U.S. Department of Treasury's CDFI Fund. FCLF has secured the largest amount of federal funding from CDFI to a Florida-based CDFI entity. FCLF also received the first New Markets Tax Credits (NMTC) allocation to a Florida-based entity ($15 million).
The Community Development Financial Institutions (CDFI) Fund was created to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities. The Fund was authorized by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative. By stimulating the creation and expansion of diverse community development financial institutions (CDFIs) and by providing incentives to traditional banks and thrifts, the Fund’s investments work toward building private markets, creating healthy local tax revenues, and empowering residents.
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THE COMMUNITY FOUNDATION FOR PALM BEACH AND MARTIN COUNTIES
The Community Foundation for Palm Beach and Martin Counties improves communities through the power of philanthropy. Since 1972, The Community Foundation has granted over $4.5 million in scholarships to over 1,300 students and $78 million to nonprofit organizations in the community. The Community Foundation has made a program-related investment (PRI) in the Florida Community Loan Fund in 2009. This investment will be used, through the pilot Florida Preservation Fund, to preserve affordable rental housing in Palm Beach and Martin Counties.
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FLORIDA PRESERVATION FUND
In 2006, the Florida Affordable Housing Study Commission reported on the statewide crisis in expiring subsidies for multi-family rental properties. FCLF will address the preservation challenge by providing developers access to lower rate, short-term bridge loans for acquisition, stabilization rehab, or limited predevelopment costs.
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& Contributors
