Florida Community Loan Fund has finalized closing on New Markets Tax Credit (NMTC) financing for the Agape Village Health Center. FCLF provided $21 million in NMTC allocation for the new $34.8 million campus in Miami’s Goulds neighborhood, expanding the reach of Agape Network to serve nearly 12,000 annually from one location.
The new multi-building 40,000 square-foot campus will include a health and counseling center, 8 supportive housing cottages, an early childhood education center, and a teaching kitchen. Services to an estimated 11,687 clients annually will include primary healthcare, behavioral healthcare, parenting and family development education, life skills training, job readiness counseling, day care, and early childhood education.
“Agape Village Health Center is a wonderful project that will soon provide significant expansion of needed health services to Miami-Dade County. Agape has tremendous support from the community. However, even with that support, but for New Markets Tax Credits, this major expansion would just not be possible.” – Nelson Black, FCLF Chief Lending Officer
“We are very grateful for Florida Community Loan Fund’s NMTC partnership that has made possible the expansion of our Agape Village Health Center, a National Model of Integrated Health Care and Social Services. This expansion will double Agape’s capacity to fulfill its mission of restoring individuals and families to psychological, social, physical, and spiritual health. Thank you FCLF for restoring communities and helping at-risk populations reach their full God-given potential.” – Claudio M. Perez, President/CEO, Agape Network, Inc.
Highlights of the Agape Village Health Center NMTC Project:
• $34.8 million total project cost
• 39,963 square feet of new construction
• 11,687 clients reached annually – the majority below Federal poverty level with incomes typically less than $14,000 a year
• 383 jobs created or retained
• Census tract with 27% poverty rate, income at 63% of AMI (area median income), unemployment at 1.5x the national average, a Medically Underserved Population Area
Florida Community Loan Fund provided $21 million in NMTC allocation for the Agape Village Health Center. The investor is U.S. Bank CDC with additional financing from City National Bank. Black Business Investment Fund provided additional NMTCs.
The New Markets Tax Credit, or NMTC, Program encourages economic development and jobs creation in distressed neighborhoods. To date, FCLF has been awarded $351 million in Federal NMTC allocation authority, financing high social impact projects totaling $660 million in project costs and providing 7,450 jobs in low-income census tracts.