fclf, about our organization
TRANSCRIPT
INTRODUCTION TO
FLORIDA COMMUNITY
LOAN FUND
February 2016
Statewide CDFI (federally certified
Community Development
Financial Institution)
20 Year History of
providing flexible
financing for
development in low-
income communities
throughout Florida
FLORIDA COMMUNITY LOAN FUND
Through December 31, 2015: 222 loans and 16 NMTC transactions
totaling over $230 million
for projects totaling over $768 million
OUR IMPACT
OUR IMPACT through 12/31/2015
Housing Units 2,826 3,923 + 38%
Community
Facilities 83
(700,000 sf)
111 (1.6 mm sf)
+ 34%
Jobs Created or Retained
4,580 8,173 + 78%
Clients Served Annually
20,483 35,000 + 72%
12/31/15 12/31/12
Includes CDFI & NMTC
3 yr increase
OUR GROWTH through 12/31/2015
Total Assets $30 million $53 million + 77%
Net Assets $17 million $21 million + 24%
Capital Under
Mgmt $187 million $281 million + 50%
FCLF Staff 11 total
(5 in lending) 16 total
(8 in lending) + 45% + 60%
12/31/12 12/31/15 3 yr increase
AWARDS & RECOGNITION past 3 years
NMTC Allocation Award $40 million 2012
CDFI FA Award $1.35 million 2013
NMTC Allocation Award $55 million 2014
ReFresh Initiative 2014
NEXT Award 2014
CDFI FA Award $2 million 2015
CDFI HFFI Award $1.5 million 2015
DEDICATED &
PROFESSIONAL STAFF
SYSTEM OF STATEWIDE OFFICES
Main Office: Orlando Ignacio Esteban, CEO
Tammy Thomas, CFO
Administrative and Other Lending Staff
Jacksonville Valerie Williams, Community Development Loan Officer
Tampa Nelson Black, Chief Lending Officer
Cindy Ross, Community Development Loan Officer
Sarasota Joy Beaton, Director of Govt. Relations
Fort Lauderdale and
Miami Jim Walker, Community Development Loan Officer
FCLF ORGANIZATIONAL CHART
OUR PROGRAMS
FLORIDA COMMUNITY LOAN FUND
We lend to community-based, non-profit borrowers and
mission-based for-profit borrowers through 3 Loan
Programs. All loans must serve low-income communities or residents
in FL and have a community development or social service purpose.
Community
Development
Fund: Housing, community
facilities, and
economic
development
$61 million in
financing
$6 million in FY 2015
Florida
Preservation
Fund: Commercial loans
for preservation of
multifamily
affordable housing
$18 million in
financing
$6 million in FY 2015
New Markets Tax
Credit Program: High social impact
economic
development &
community facilities
$217 million in
allocation awards
received
$165 million NMTC
allocated to date
COMMUNITY DEVELOPMENT FUND Commercial loans to non-profit or mission-focused for-profit organizations
Habitat for Humanity South Palm Beach. Finance purchase of administrative offices; loan for
$850,000.
Housing Programs. $1 million loan for new single
family homes in Liberty City & Overtown areas.
Starting Point Behavioral Healthcare. $1.6
million loan for clinic serving low-income residents in
Nassau County.
FLORIDA PRESERVATION FUND Commercial loans for preservation of multifamily affordable housing
St. Johns Housing Partnership. 8-unit
apartment complex in St. Augustine; renovated
with $440,000 FCLF loan.
Pasco County Housing Authority. affordable rental units in East Pasco, renovated
with $355,000 loan.
Maitland Oaks. 100 affordable apartments in
Central Florida, refinanced and renovated with
$3.8 million FCLF loan.
FLORIDA COMMUNITY NEW MARKETS FUND Funding for community facilities, Green projects, economic development
Jessie Ball duPont Center. Adaptive re-use of
historic library building; low cost work space for area
nonprofits. Total project $23.9 million. FCLF NMTC
allocation $10 million.
Camillus House. Homeless and healthcare
services to 3000+ annually from 7-building campus. Total
project $37.4 million. FCLF NMTC allocation $20 million.
Hitchcock’s Market. Grocery store in a USDA
food desert in rural Florida. $7.3 million project; FCLF
NMTC allocation $2.05 million.
FY 2014-2018
STRATEGIC PLAN
FCLF VISION AND MISSION
Opportunity and dignity
exist for every person
and community in Florida.
Our expertise and capital
make projects successful
and help organizations
improve lives and communities.
OUR
VISION
OUR
MISSION
STRATEGIC PLAN GOALS
ADD VALUE
INCREASE
FINANCING
DIVERSIFY
BUILD
ORGANIZATIONAL
STRENGTH
to community development projects
through financing, expertise, and
advocacy.
and capacity through additional staff,
improved technology, marketing
strategy, social impact analysis, and by
maintaining financial health.
our market sectors, products, and services
as we respond to new opportunities.
in our existing lines of business including
affordable housing, community facilities,
and NMTC investments.
FLORIDA’S
OPERATING
ENVIRONMENT
FLORIDA: The Current Landscape
FCLF’s reach in Florida. Florida is the 3rd most populous state (after CA and NY) with a 2015
population of 19.8 million.
FCLF has financed projects in 34 (of 67) counties,
where 90% of the population resides.
Affordable Rental Housing.
According to the 2013 ACS Surveys, Florida is one of only 6
states where at least 80% of ELI renters face severe
housing cost burdens. (NLIHC.org)
Per a Shimberg Center Report, from 2007 to 2013 there was a 24% increase in
Florida cost burdened renter households.
During this same period the total number of households grew by less than 2%.
FLORIDA: The Current Landscape
Elderly. Florida is ranked #1 in the proportion of people aged 65 and older.
By 2030, the size of Florida’s 65+ population is
projected to be more than twice what it was in
2010, or 7.77 million. (FSU’s Pepper Institute)
Homeless. In 2014, the national homeless rate was 18.3 people per 10,000 population.
In Florida, the rate was 21.2 per 10,000; for a total
of 41,542 homeless persons. (EndHomelessness.org)
COMMUNITY DEVELOPMENT IN FLORIDA
The Great Recession
High foreclosure rate
Sharp decline in property values across all MSAs
Most state level housing subsidies (high of $500
million/year) eliminated
COMMUNITY DEVELOPMENT IN FLORIDA
Today
Property values have increased and stabilized
Increased needs in multifamily rental market
Surviving community development entities are
stronger, but many did not make it through the
recession
Coverage for community development across
the state is inconsistent
Subsidies are starting to come back, but not at
the same level as pre-recession
POLICY AND
ADVOCACY
FCLF POLICY AND ADVOCACY
Advocacy at the Federal level:
CDFI Fund
New Markets Tax Credit Program
Dedicated staff member for Government Relations
Advocacy at the State level:
Department of Agriculture / Healthy & Fresh Food Access
State New Markets Tax Credit Program
State Housing Trust Funds
Special Needs Housing
LENDING
OVERVIEW
FINANCING GUIDELINES: CDF & FPF
Loan Size $3 million
Larger may be available through
partnerships
Loan Types
Acquisition & pre-development
Construction & rehabilitation
Lines of credit
Term & permanent loans
Refinancing in certain situations
Collateral Loans must be secured
Loan-to-value, LTV, will vary based on
collateral type, typically 70% to 80%
Technical Assistance
Free technical assistance may be
available in some cases
Technical assistance may be delivered
by Florida Housing Coalition or others
FINANCING GUIDELINES: CDF & FPF
Loan Terms
Fixed rates 4.5% to 6.5%
Origination fees typically 0.5% to 1%
Low application fees
1.25x DSC based on stabilized NOI
No or minimal legal fees on typical
transactions
Terms typically 7-10 years
Amortizations up to 30 years
THE RESULT: HIGH SOCIAL IMPACT IN
LOW-INCOME COMMUNITIES
Janet de Guehery
Communications & Marketing Manager
Orlando
General Inquiries
FLORIDA COMMUNITY LOAN FUND
Vision: Opportunity and dignity exist for
every person and community in Florida.
Mission: Our expertise and capital make
projects successful and help
organizations improve lives and
communities.
MAIN OFFICE: 501 NORTH MAGNOLIA AVENUE, SUITE 100
ORLANDO, FLORIDA 32801-1364
PHONE 407.246.0846
www.fclf.org
CONTACT INFORMATION
Senior Management Team:
Ignacio Esteban, CEO, Orlando
Tammy Thomas, CFO, Orlando
Nelson Black, Chief Lending Officer,
Tampa
Joy Beaton, Director of Government
Relations, Sarasota
FLORIDA COMMUNITY LOAN FUND
Learn more at our website
www.fclf.org
And read our 2015 Annual Report
www.fclf.org/2015-annual-report