Client: Fort Lauderdale Community Development Corporation, FLCDC
Client Location: Fort Lauderdale, FL
CDFI: Florida Community Loan Fund, Inc.
CDFI Service Area: Florida
Affordable Housing: new construction of 5 affordable, for-sale single family homes on lots donated by the City of Fort Lauderdale Northwest-Progresso Flagler Heights Community Redevelopment Agency (NWPFH-CRA), with support from the Finance Justice Fund.
In 2022, the Fort Lauderdale Community Development Corporation (FLCDC) received a $1.65 million revolving line of credit from OFN member CDFI Florida Community Loan Fund. This will provide funds for construction of new homes on scattered lots donated by the City. These single-family homes will be available for sale to the workforce and low-income families, who may also be eligible for first-time homebuyer assistance. The revolving line of credit will also provide FLCDC the flexibility to draw funds as needed to develop much-needed affordable housing in the Sistrunk area of Fort Lauderdale. “The FLCDC envisions the redevelopment of the Sistrunk corridor into an economically diverse community, and affordable housing is the key to achieving this goal.” says Pamela Adams, Executive Director of the FLCDC.
The historic Sistrunk neighborhood in northwest Fort Lauderdale is a low-income area with a median income of 35% of the MSA’s median income. The area is included in the NWPHF CRA district. It is close to bus routes, two elementary schools, the downtown business area, and near other redevelopment districts. The Sistrunk corridor is undergoing a major redevelopment of streets, and retail and commercial properties. The improvements supported by the Florida Community Loan Fund (FCLF) loan will increase the inventory of affordable homeownership in a neighborhood that is seeing the benefits and challenges of redevelopment. “FCLF is a lifeline to small nonprofit community development corporations like the FLCDC. The FCLF team works with us to create financial products that align with the FLCDC vision and specific projects, enabling us to better serve the community. The scattered infill lot project is just one example,” Pamela adds.
The FLCDC is a long-term borrowing partner of FCLF. FCLF provided financing for the FLCDC in both 2015 and 2020, providing capital to sustain and rehabilitate 37 multifamily affordable rentals and 3 single-family affordable homes. The FLCDC and FCLF share a mission to improve the quality of life in this community, and FCLF demonstrated a greater willingness to work with this nonprofit than mainstream institutions.
The FLCDC vision is “to create best in class living experiences that positively motivate and empower people to live their best life.” The organization’s mission is to be the community development catalyst for Fort Lauderdale’s low- and moderate-income residents. FLCDC has served the Fort Lauderdale Sistrunk community since 1988 by providing affordable housing and family services.