March 17, 2022
Florida Community Loan Fund has finalized closing on New Markets Tax Credit (NMTC) financing for Feeding Northeast Florida. FCLF provided $14 million in NMTC allocation for the new $16.1 million facility in Jacksonville that will allow the organization to consolidate and expand services that combat food insecurity.
The renovated 120,000 square-foot building will streamline and expand Feeding NE Florida’s food distribution network, which includes over 300 nonprofit and faith-based food pantries, feeding organizations, meal programs, and schools. The organization reaches a highly disadvantaged population, and the region’s needs for services to address food insecurity has grown dramatically – by 78% over the past 2 years. In 2020, Feeding NE Florida distributed nearly 31 million pounds of food – 84,500 meals per day. FNEFL estimates that distribution demand will increase to as much as 56 million pounds, reaching over 350,000 individuals annually.
“It’s not often that you have the opportunity to help a dedicated nonprofit directly affect the lives of so many people. This is one of those times.” – Nelson Black, Chief Lending Officer, Florida Community Loan Fund
“Feeding Northeast Florida has long needed a larger, more efficient facility from which to serve those in our community facing hunger. Florida Community Loan Fund immediately understood the value and importance of this project and partnered with us to make this dream a reality. We are grateful for their vision and expertise throughout this project.” – Susan King, President & CEO, Feeding Northeast Florida
Highlights of the Feeding NE Florida NMTC Project:
- $16.1million total project cost
- 120,000square feet of renovated warehouse space, office space, and abundant space parking for fleet vehicles
- 350,000 clients reached annually – the majority below Federal poverty level with incomes typically less than $14,000 a year
- 138jobs created or retained
- Census tract with 26% poverty rate, a Food Desert, and a FEMA-Designated Disaster Area
Florida Community Loan Fund provided $14 million in NMTC allocation for Feeding Northeast Florida. In addition, FCLF provided $7 million financing through its community development loan program. The investor is U.S. Bank CDC.
The New Markets Tax Credit, or NMTC, Program encourages economic development and jobs creation in distressed neighborhoods. To date, FCLF has been awarded and closed $351 million in Federal NMTC allocation authority, financing high social impact projects totaling $675 million in project costs and providing 7,300 jobs in low-income census tracts.