The Community Foundation for Palm Beach and Martin Counties has announced a $4 million low-interest loan to the Florida Community Loan Fund to address the growing need for affordable housing in the region.
Funded by a 2008 grant from the John D. and Catherine T. MacArthur Foundation, the loan will enable FCLF to invest in a new $25 million public-private Affordable Housing Preservation Loan Pool Demonstration Program and other projects in the two Florida counties. FCLF financing made possible by the loan as well as funding from other public and private investors will be available to nonprofits and their partners to develop and preserve affordable rental housing units. FCLF will also place a local community development professional in the region while continuing to offer its other community development lending programs in the two counties.
Even with prices continuing to fall, housing in the region is still unaffordable for many workers. According to a report released last year by the community foundation, between 2000 and 2008 the number of extremely cost-burdened renter households increased by about 40 percent in Palm Beach and Martin counties.
"The cost of housing is a dismaying surprise for those who thought they lived in paradise, only to find the affordability of a home was out of reach," said CFPBMC president and CEO Leslie Lilly. "We know that if we as a state and community don't act, we will lose a building block fundamental to the economic security of millions of families."