THE NEED FOR PRESERVATION In 2006, the Florida Affordable Housing Study Commission reported on the statewide crisis in expiring subsidies for multi-family rental properties. Statistics gathered by the Shimberg Center show that Florida could lose up to 45,000 units by 2016 due to subsidy expirations. Preserving affordable rentals makes sound financial sense. Despite changing housing market conditions from boom to bust, preserving affordable rental housing is critically important to the state’s economy and communities.

THE FLORIDA PRESERVATION FUND 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.

Eligible properties must be located in Orange, Palm Beach or Pasco Counties, and have one of the following characteristics:

- At risk of losing federal project based rental assistance.

- At risk of losing affordability restrictions.

- Majority of units set aside for individuals or families with income of 50% or less of AMI.

- All of the units set aside for individuals or families earning less than 80% of AMI.

Preference will be given to the following Borrower/Sponsor types, presented in order of preference:

- Community based 501(c)(3) and 501(c)(4) non-profit borrowers engaged in providing affordable multifamily housing to the residents of Orange, Palm Beach and Pasco Counties.

- Partnerships, Limited Liability Corporations and other entities where the controlling interest is owned by a 501(c)(3) and 501(c)(4) partner.

- Housing Authorities that are 501(c)(3) organizations and have Boards with community representation.

- For-profit developers engaged in affordable low income housing.

For more details on the Florida Preservation Fund, click here.

For more information, contact the offices of Florida Community Loan Fund: (407) 246-0846.