Article Archives: Florida
Florida Preservation Fund
The Florida Preservation Fund is launching a pilot program in Orange, Palm Beach, and Pasco counties. Banks operating in any of these counties are invited to invest in the preservation fund. Additionally, the Florida Community Loan Fund can tailor investments to fit the CRA needs of individual banks.
The program will combine $4.8 million in support from the Florida Housing Finance Corporation with $20 million in debt from private investors to deploy up to $24.8 million in financing across the three counties.
The preservation fund will provide developers with access to lower-rate, short-term bridge loans for acquisition, stabilization rehabilitation, or limited predevelopment costs. The maximum loan size is $5 million with a fixed rate for a three-year term. All the work of the preservation fund must preserve long-term affordability.
To date, the preservation fund has secured $14.3 million in investments and commitments. The Florida Community Loan Fund is working closely with Florida banking institutions as well as other types of investors, including trade associations, religious institutions, and foundations to assemble the remaining balance needed to capitalize the preservation fund.
The Florida Community Loan Fund is a statewide community development financial institution, using financial capital and human creativity to transform lives and communities.
For more information, call Ignacio Esteban, Executive Director, or Rich Rollason, Development Officer, at (407) 246-0846.
Loan Fund Reinvests in Florida's Communities
Supporting Affordable Housing through Tax Credit Syndication
As a tax credit syndicator, CAHEC structures equity funds using investors' capital. CAHEC's most recent fund is the South Carolina Preservation Fund II LP (SCPF II). SCPF II is a $32 million equity fund designed to preserve and renovate a portfolio of older, multifamily housing properties in South Carolina. The targeted portfolio includes 41 properties with a total of 1,548 units. Although all investments in SCPF II were fully subscribed in 2008, banks can invest in other CAHEC equity funds as they are developed. To learn more, visit their Web site or e-mail Dana Boole or call (919) 788-1803.
Small Loans, Big Returns
Headquartered in Milwaukee, WtW makes its loans from 43 offices in 21 states: California, Delaware, Florida, Hawaii, Illinois, Indiana, Louisiana, Maryland, Michigan, Minnesota, Missouri, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Dakota, Texas, Virginia, Washington, and Wisconsin.
WtW offices are located in social service agencies affiliated with the Alliance of Children and Families (ACF). ACF agencies screen and provide financial education to borrowers and service the loans. WtW local offices provide financial education to more than three persons for every individual who receives a loan. Investors in WtW include several national foundations, the Community Development Financial Institution Fund of the U.S. Treasury Department, local United Way offices, and financial institutions. Banks can be involved by investing in the national WtW loan fund, by referring to local WtW offices prospective borrowers who do not meet conventional credit criteria, by participating in local WtW loan committees, and by providing grants and in-kind donations to WtW.
Tampa Bay Black Business Investment Corporation
The TBBBIC provides technical assistance to small businesses including advice on the business and marketing plan, preparation of loan packages, business and personal financial statement analysis and small business courses and seminars. TBBBIC offers direct loans for equipment, working capital, accounts receivable, contract financing, and loan guarantees up to the lesser of 50 percent of the loan or $75,000. Currently, TBBBIC has 18 contributing members. Since inception, the TBBBIC has made nearly $7 million in loans; which has produced 460 jobs.
For more information, contact Frances Wimberly at (813) 274-7925, or view the Web site at www.tampabaybbic.com.
Neighborhood Lending Partners of South Florida
For more information, contact Debra Reyes at (813) 879-4525, or Erbi Blanco-True at (305) 666-6153.