MYTHBUSTING LENDER / PROVIDER PARTNERSHIPS. Florida Institute on Homelessness and Supportive Housing November 2, 2017 Orlando

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1 MYTHBUSTING LENDER / PROVIDER PARTNERSHIPS Florida Institute on Homelessness and Supportive Housing November 2, 2017 Orlando

2 WHAT IS a CDFI?

3 COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION certified through the U.S. Treasury CDFI Fund SPECIALIZED FINANCIAL INSTITUTIONS banks, credit unions, loan funds, microlending, venture capital providers products and services to people and communities UNDERSERVED BY TRADITIONAL FINANCIAL MARKETS

4 AFFORDABLE HOUSING DEVELOPERS both for-profit and nonprofit SUPPORTIVE HOUSING DEVELOPERS affordable housing combined with social services WHO DO CDFIs SERVE? COMMUNITY FACILITIES DEVELOPERS for example, child care, healthcare, education, social services, food access MEETING OTHER NEEDS OF THE UNDERSERVED sustainable projects, small business owners, individuals

5 WHAT IS THE IMPACT OF CDFIs? 1,049 CDFIs NATIONWIDE as of FY ,000 34,000 in FY 2016 $6 BILLION INVESTMENTS to 11,000 SMALL BUSINESSES JOBS HOUSING UNITS created or retained in FY in FY Nationwide, from CDFI Fund Year in Review 2016

6 FCLF: OUR HISTORY

7 STATEWIDE $306 MILLION CDFI federally certified Community Development Financial Institution founded by community leaders to provide flexible financing for development in Florida s low-income communities first loan of $50,000 to provide affordable housing in total financing $65 MILLION in Total Assets through

8 Serving Florida from 6 Statewide Offices ORLANDO, MAIN OFFICE Ignacio Esteban, CEO Tammy Thomas, CFO Administrative and Other Lending Staff JACKSONVILLE Valerie Williams, Loan Officer TAMPA Nelson Black, Chief Lending Officer Cindy Ross Loan Officer SARASOTA Joy Beaton, Government Relations FORT LAUDERDALE AND MIAMI Jim Walker, Loan Officer

9 OUR VISION Opportunity and dignity exist for every person and community in Florida. OUR MISSION Our expertise and capital make projects successful and help organizations improve lives and communities.

10 FCLF: OUR IMPACT

11 CAPITAL AND EXPERTISE TO HELP BUILD STRONG COMMUNITIES

12 256 LOANS + 20 NMTC TRANSACTIONS $306 MILLION FCLF financing through $912 MILLION total projects financed

13 4,600 HOUSING UNITS COMMUNITY FACILITIES 2 million sq ft

14 183,000 FLORIDIANS receive essential social services every year 10,000 JOBS created or retained

15 FCLF LENDS FOR HOUSING ECONOMIC DEVELOPMENT COMMUNITY FACILITIES

16 ALL FCLF LOANS Must be in lowincome communities or for low-income residents Must have a community development or social services purpose Loans are to organizations and businesses (not individuals)

17 LOANS FOR HOUSING HABITAT FOR HUMANITY OF LEE & HENDRY COUNTIES $3 million financed (2 FCLF loans) 112 single family homes for ownership DOZIER APARTMENTS $500,000 loan 14 affordable rental apartments Jacksonville, Operation New Hope CASA SAN JUAN BOSCO $755,000 loan for land acquisition 53 rental homes for farmworkers Catholic Charities, Diocese of Venice WE COULDN T HAVE PULLED THIS PROJECT TOGETHER WITHOUT FCLF AS PARTNERS. OPERATION NEW HOPE

18 LOANS FOR FACILITIES TREASURE COAST FOOD BANK, FORT PIERCE $1.6 million financed renovation of food bank preparation and distribution center STARTING POINT BEHAVIORAL HEALTHCARE $1.8 million, 2 loans mental health & substance abuse treatment WOODLAWN ACADEMY $1.9 million, 2 loans acquire land & building for special needs school Pinellas County WE SEARCHED FOR YEARS FOR THE RIGHT SITE & RIGHT FINANCING. FCLF CAME ALONGSIDE US AND HELPED REALIZE OUR VISION. WOODLAWN ACADEMY

19 LOANS FOR ECONOMIC DEVELOPMENT JESSIE BALL dupont CENTER $23.9 million NMTC project $10 million FCLF NMTC allocation Office space for area nonprofits NORTH POINT TOWN CENTER $900,000, 2 loans Mixed-use commercial & retail center, 10,000 sq ft NW Jacksonville CDC, developer HITCHCOCK S MARKET $7.3 million NMTC project $2 million FCLF NMTC allocation grocery store in USDA Food Desert IT WOULD HAVE BEEN DIFFICULT TO COMPLETE THIS PROJECT WITHOUT FCLF. HITCHCOCK S MARKET

20 FCLF FINANCING GUIDELINES

21 COMMUNITY DEVELOPMENT LENDING GUIDELINES LOAN SIZE LOAN TYPES COLLATERAL TECHNICAL ASSISTANCE $3 million maximum Larger may be available through partnerships Acquisition & pre-development Construction & rehabilitation Lines of credit Term & permanent loans Refinancing in certain situations Loans must be secured Loan-to-value (LTV) will vary based on collateral type, typically 70% to 85% Free technical assistance may be available in some cases; FCLF will cover the cost. Technical assistance may be delivered by FCLF staff, Florida Housing Coalition, Capital Access, or others.

22 COMMUNITY DEVELOPMENT LENDING GUIDELINES Fixed rates 4.25% to 5.75% Origination fees typically 0.5% to 1% No prepayment penalties 1.15x minimum DSC based on stabilized NOI No or minimal legal fees on typical transactions Terms typically 7-10 years Amortizations up to 30 years

23 FCLF HELPS PROJECTS SUCCEED Our Work with Homeless & Supportive Housing Providers

24 THE TRANSITION HOUSE, INC. 22 FCLF Loans totaling $4.1 million for Acquisition and/or Renovation 261 Supportive Housing Beds Programs for veterans and former inmates, offering transitional housing, counseling, job training

25 LITTLE HAITI GATEWAY 80 apartments, fully furnished, for formerly homeless, with on-site services FCLF provided loan to refinance (preserving affordability) and renovate $1.7 million FCLF financing Developed by Carrfour Supportive Housing; FCLF also financed CityView Apts

26 METROPOLITAN MINISTRIES MiraclePlace offers 144 apartments, job training, counseling, child care & more Financing through NMTC program $19.7 million total project $10 million FCLF NMTC Phase 2 includes on campus community center, school

27 CAMILLUS HOUSE, MIAMI 5 buildings, 260 beds, 260,000+ sq ft Financing through NMTC program $37.4 million total project $20 million FCLF NMTC FQHC included on-site

28 CONTACT US JANET de GUEHERY Communications & Marketing Manager Orlando FCLF LENDING TEAM Cindy Ross, Central-West Florida Tampa NELSON BLACK CHIEF LENDING OFFICER Tampa Valerie Williams, North Florida Jacksonville Jim Walker, SE-South Florida Fort Lauderdale Miami Susan Holtrey, Loan Portfolio Mgr Orlando N MAGNOLIA AVE SUITE 100 ORLANDO FL 32801

29 THANK YOU! Questions?