Florida Community Loan Fund creates positive Social Impact in Florida by providing Financing for Community and Economic Development in Florida, This presentation gives an overview of our programs and some of the projects we have worked with.

1. Florida Community
Loan Fund, Inc.
Carlton Fields CF Forum
June 20, 2013

2.  FCLF is a statewide federally certified Community Development
Financial Institution (CDFI).
 Founded in 1994 to provide a statewide source of flexible financing
for non-profits working in community development.
 Since it began lending in 1996:
• FCLF has closed 175 loans throughout Florida totaling over $52 million for projects
totaling over $215 million.
• FCLF has committed $112 million of its $151 million NMTC allocation in 12 NMTC
projects in Florida and the Southeastern U.S. totaling over $250 million.
About FCLF
Carlton Fields CF Forum – June 20, 2013
 FCLF currently has three major programs:
Community Development Fund (CDF)
Florida Preservation Fund (FPF)
New Markets Tax Credit Allocations (NMTC)

3.  From our Community Development Fund, FCLF makes commercial
loans primarily to non-profits.
 All loans must have a community development or social service
purpose and serve low-income clients or communities.
 Beginning in FY 2009-10, FCLF elected to make loans to mission-
based projects developed by for-profits on a selected basis.
Community Development Fund
Carlton Fields CF Forum – June 20, 2013

4. Community Development Fund Terms:
 Maximum Loan size: $1.6 million
 Fixed rates 4.75% to 6.5%
(lower rates available for projects built to a certified green standard)
 Origination fees typically 0.5%
 Application fee $300
 Terms of up to 10 years
(limited availability of terms up to 20 years)
 Amortizations up to 30 years
 Loan-to-value (LTV) varies, but typically in the 85% range
 No or minimal legal fees on typical transactions
CDF – Rates & Terms
Carlton Fields CF Forum – June 20, 2013

5.  The Transition House, Osceola County FL
• Supportive Housing Provider, veterans and others
• 11 loans totaling $1.9 million
• Acquisition and renovation of homes and facilities
CDF – Recent Projects
Carlton Fields CF Forum – June 20, 2013
 DuPuis Pointe, Neighborhood Housing Services of South Florida
• $1 million construction financing
• 27 Green affordable single-family homes
 Northwest Jacksonville CDC – Jacksonville
• $796,000 construction/perm loan for 10,000sf LEED-certified multi-use
building
• Total project - $2.6 million

6. CDF – Recent Projects
 The Transition House. Purchasing and rehabbing
homes and multi-unit buildings in Central Florida,
primarily for Veteran housing
 DuPuis Pointe, Miami. Affordable homes built
using green and hurricane-proof standards
 Northwest Jacksonville CDC. LEED-certified
commercial building new construction project.
Carlton Fields CF Forum – June 20, 2013

7.  Florida Preservation Fund (FPF) provides
financing to preserve affordable multi-
family rental housing
 Created with $4.8 million in funding
from FHFC with a 3-county pilot area
 Expanded to 26-county area with
additional funding from JPMorgan
Chase
 Loans are provided to developers for
acquisition and/or rehab to multi-family
rental properties receiving project-
based assistance
The Florida Preservation Fund - FPF
Carlton Fields CF Forum – June 20, 2013

8. Preference will be given to the following borrower / sponsor
types, presented in order of preference:
FPF – Eligible Borrowers
Carlton Fields CF Forum – June 20, 2013
 Community-based 501(c)(3) and 501(c)(4) non-profits.
 Partnerships, Limited Liability Corporations, and other entities
where the controlling interest is a 501(c)(3) or 501(c)(4)
partner.
 Housing Authorities.
 For-profit developers engaged in affordable multi-family
housing.

9. FPF Eligible properties must be located in one of the 26 eligible counties and
Meet 1 of 2 affordability criteria:
 51% of units set aside for income of 50% or less of AMI;
 100% of units set aside for income of 80% of less of AMI.
FPF – Eligible Properties
Carlton Fields CF Forum – June 20, 2013
And meet 1 of the following:
 Receiving project-based rental assistance and at risk of losing affordability restrictions;
 Abandoned or foreclosed existing multi-family rental property;
 Deteriorating property with affordability restrictions;
 Occupied property that is at risk of losing affordability restrictions; or
 Eligible and approved for funding as multi-family project under NSP guidelines.

10.  Finance the acquisition of eligible properties by eligible borrowers.
 Rehabilitation of eligible properties required to attain stabilized occupancy or
to retain project-based rental assistance.
 Short-term working capital to bridge timing differences between payments for
completed work.
 Demolition and replacement of abandoned or severely decayed properties
that have qualified for NSP funds.
 Refinancing of interim loans secured by eligible properties.
FPF – Eligible Loan Purposes
Carlton Fields CF Forum – June 20, 2013

11.  Maximum loan size $6 million
 Acquisition, construction, bridge, mini-perm and term loans
 Terms of 3 to 20 years
 Fixed rates of 4.50% to 5.50%
 Origination fee of 1.00%
 1.25x DSC based on stabilized NOI
 $2,500 application fee (discounted application and origination fees for non-profit
borrowers)
 Loans must be secured by project property with a 1st real estate mortgage
 Loan-to-value for loans to for-profit borrowers  75% of the “as stabilized”
appraised value.
 Loan-to-value for loans to 501(c)(3) or 501(c)(4) borrowers  80% of the
“as stabilized” appraised value.
FPF – Rates & Terms
Carlton Fields CF Forum – June 20, 2013

12. Timber Ridge of Immokalee
 $368,000 refinance and rehab loan
 34 rental units of farmworker housing and a community center
FPF Projects
Carlton Fields CF Forum – June 20, 2013
Harvest Fire Worship Center, Oasis of Hope
 $250,000 acquisition and rehab to bring up to market conditions
 32-unit apartment complex in Miami
 Re-finance of discounted payoff to FNMA of foreclosed property
West Palm Beach Housing Authority, Royal Poinciana
 $3.3 million acquisition and rehab including kitchens, flooring, painting
 Apartment complex with 144 units built in 1994
In closing: Workforce Housing Ventures, Stonehenge Apartments
 $355,000 refinance and rehab including roofs and parking
 16-unit apartment building in San Antonio, Pasco County
 Refinance included negotiated re-structure of public financing

13. FCLF FPF Projects
 Timber Ridge of Immokalee. 34 rental
units of farmworker housing and a
community center.
 Royal Poinciana, West Palm Beach. 144 unit
apartment complex, acquired and
renovated.
 Oasis of Hope, Miami. 32-unit
apartments under renovation.
Carlton Fields CF Forum – June 20, 2013

14. Guidelines / Metrics
 $6 million minimum project size.
 Project must be located in a qualified distressed, low-income census tract.
 Project must provide clear and substantial benefits to low-income populations.
 Project should generate notable construction and permanent jobs.
 Works best for near-bankable projects (e.g. strong borrower and project that can
pencil out with the extra support of NMTC).
NMTC – Guidelines & Structures
Carlton Fields CF Forum – June 20, 2013
Advantages
 Effective rates are typically below market for commercial loans of this type.
 As a result of longer amortization or interest-only payments and typically lower rates,
monthly payments are lower than for similar size conventional loans.
 The “B” loan is often treated as up-front substitute for a portion of equity required by
lenders, resulting in higher LTVs.
 The equity conversion of the “B” loan means that most up-front equity becomes true
equity at end of 7-year term.

15. NMTC Projects that FCLF finds desirable:
 Community facilities
• Community health centers or health care related projects serving low income clients
• Charter schools serving exclusively low-income students
 Green-driven projects
• Solar
• Renewable energy
 High impact economic development projects
• Job creation (substantially from within the community)
• Part of community redevelopment master plan
• LEED-certified
• Bringing new services to a low-income community
 a grocery store in a neighborhood that hasn't seen one in 20 years
 a new or renovated building in a high distress CT that brings new business, services and jobs to the neighborhood.
 Some of things we most certainly won't do:
• museums;
• hotels;
• fast food restaurants
NMTC – FCLF Drivers / Metrics
Carlton Fields CF Forum – June 20, 2013

16. FCLF NMTC Projects
 Camillus House, Miami. Community facility
providing comprehensive services to 3,000 homeless and
at-risk clients each year; total project $37.4 million. Funder
Northern Trust Company and affiliates.
 SolarSink, LLC, Tallahassee. Manufacturing solar
“sausages” heatsink energy; total project $16.6 million.
Funders include U.S. Bancorp CDC, Hunter & Harp
Holdings.
 KIPP School, Jacksonville. Charter school built on
former greyhound racetrack; total project $26.2 million.
Funder U.S. Bancorp CDC.
Carlton Fields CF Forum – June 20, 2013

17. NMTC – Advantages & Challenges
Carlton Fields CF Forum – June 20, 2013
Challenges
 Whether longer amortization or interest-only payments, there is a balloon payment
requirement at the end of 7 years; underwriting is for ability to refinance at that time.
 Some inflexibility (e.g. project location restrictions, no prepayments, term is always 7 years,
certain purposes not allowed, etc).
 Program is very complicated and closings are time consuming; and there is a notable
learning curve for first-time capital providers and borrowers.
 High legal and accounting fees.
 Project must be ready to go.
 Generally, a new single purpose borrowing entity is required in order to reduce the
significant reporting requirements during loan term.
 In addition to loan guaranty, a Borrower or guarantor also provides indemnification for tax
credit recapture events caused by borrower’s actions.
Advantages
 Effective rates are typically below market for commercial loans of this type.
 As a result of longer amortization or interest-only payments and typically lower rates,
monthly payments are lower than for similar size conventional loans.
 The “B” loan is often treated as up-front substitute for a portion of equity required by
lenders, resulting in higher LTVs.
 The equity conversion of the “B” loan means that most up-front equity becomes true
equity at end of 7-year term.

18. 12 projects, total $320 million, receiving $112 million in FCLF tax credit allocation
 ASPIRA North Charter School expansion – North Miami, FL
 PACE Elder Care Center – Richmond, VA
 UM Life Science Research Center – Miami, FL (LEED certified)
 KIPP Jacksonville Charter School – Jacksonville, FL (adaptive re-use)
 Solar Sink solar cell manufacturing facility and solar field – Tallahassee, FL (Green)
 BTH Quitman Torrefied wood manufacturing facility – Quitman, MS (Green)
 Lake Point Restoration water treatment facility – Lake Okeechobee (Green)
 ASPIRA Mid-Town Charter School purchase and expansion – Miami, FL
 New Camillus House Campus – Miami, FL (LEED certified)
 Metropolitan Ministries Miracle Place – Tampa, FL (LEED certified)
 IN CLOSING: Green Biofuels bio-diesel manufacturing facility – Miami (Green)
 IN CLOSING: Haug Hometown – Hitchcock’s Grocery Store – Old Town
FCLF NMTC Projects
Carlton Fields CF Forum – June 20, 2013

19. ASPIRA North New Markets Diagram
Carlton Fields CF Forum – June 20, 2013

20. Moving forward…
 Continued opportunities in multi- and single-family housing, in
conjunction with 2013 legislative funding for housing
 Continued focus on NMTC Program with recent allocation
award of $40 million
 Expansion of staff to support lending, focus, and mission
Where is FCLF headed?
Carlton Fields CF Forum – June 20, 2013
Thank you for your interest in Florida Community Loan Fund.

21. Florida Community Loan Fund
Lending Team Contact Information
Nelson Black 813.223.7400 Tampa
Director of Lending
Cindy Ross 813.223.7422 Tampa
Community Development Loan Officer
Jim Walker 561.414.3933 Ft. Lauderdale
Community Development Loan Officer
Valerie Williams tbd Jacksonville
Community Development Loan Officer
Susan Holtrey 407.246.0846 Orlando
Portfolio Administrator
MAIN OFFICE: 501 NORTH MAGNOLIA AVENUE, SUITE 100  ORLANDO, FLORIDA 32801-1364
PHONE 407.246.0846
www.fclf.org
Carlton Fields CF Forum – June 20, 2013