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Florida Community Loan Fund
Project type
Building Project
Location
Florida
Description: The Florida Community Loan Fund (FCLF) is a statewide Community Development Financial Institution dedicated to improving low-income communities throughout Florida with flexible financing and staff guidance. The FCLF provides different types of financing to meet the needs of each individual organization providing affordable housing, supportive housing, community facilities and economic development projects. Loans can fund new construction, preservation, rehabilitation, acquisition, lines of credit and/or longer-term permanent financing. The fund targets populations within 80%-120% AMI.
The maximum loan awards are $6.5 million and have fixed rates of 4.75% to 6.75%. Commitment fees vary from 0.25% to 1%, and terms are a maximum of 10 years with up to 35-year amortizations and no prepayment penalties. The loan-to-value is typically 70% to 85% but does vary on collateral type. The fund has a variety of different investors, including religious organizations, foundations, nonprofit organizations, financial institutions and corporations, government agencies and individuals/families.
What makes it different: The FCLF can provide technical assistance to each project due to its experience.
Resources: https://fclf.org/borrowing/what-can-fclf-finance#housing,
https://fclf.org/images/stories/downloadables/Borrowers/FCLF-Housing-FactSheet-2023-04-03.pdf
Contact: Dwayne Rankin, drankin@fclf.org