Florida Preservation Fund Grows Out of State Preservation Pilot
The 2008 Legislature appropriated $4.85 million to carry out a preservation rehabilitation pilot in Pasco, Palm Beach and Orange counties. Through a competitive process, Florida Housing awarded these funds to the Florida Community Loan Fund (FCLF). As a statewide, certified Community Development Financial Institution, the nonprofit FCLF provides flexible, below-market rate loans for affordable housing, economic development and social services. As required by the legislation, FCLF has acquired private financing to leverage the state funding.
FCLF has undertaken the following activities and is making loans through this fund:
- Assembled a preservation fund lending committee;
- Developed lending policies for the new fund;
- Held meetings with key government leaders in each of the three counties and continued to coordinate with local housing officials on implementation of the pilot;
- Identified and developed a pipeline of potential projects; and
- Secured private investments to leverage the state funding.
FCLF’s “Florida Preservation Fund” uses private and public funding sources to:
- Preserve affordable multifamily rental housing in Florida;
- Provide loans to developers for acquisition and/or rehabilitation of affordable multifamily rental properties; and
- Help ensure the availability of homes for families receiving project-based rental assistance.