In an attempt to assist in the creation of more affordable housing in the area, the Foundation for Palm Beach and Martin Counties has announced it has donated a low-interest loan worth $4 million to the Florida Community Loan Fund to help fund the creation of new housing.
The loan – which the foundation says is one of the largest of its kind ever made from a community foundation to a "community development finance institution" – will be funded by a grant from the John D. and Catherine T. MacArthur Foundation, which specializes in prioritizing affordable housing.
"This partnership with the Community Foundation for Palm Beach and Martin Counties represents an extraordinary step forward in meeting the mission of the Loan Fund and strengthening the Florida affordable housing field," said Ignacio Esteban, executive director of the Florida Community Loan Fund. "Strategic investments like this preserve and create affordable housing in places community foundations care about by tapping the capacity of community development financial institutions in ways that make both good business and social impact sense. The times and tremendous need for affordable housing in Florida call for more new partnerships like this."
William M. Mathew, the chairman of the Community Fund, said the loans were part of the fund’s commitment to "provide community leadership and solutions through the power of informed and disciplined philanthropy." He also added his gratitude for the MacArthur Foundation, which has now donated more than $27 million to the fund.
The Community Foundation for Palm Beach and Martin Counties was founded in 1972 and has provided over $78 million in grants and scholarships in the community. It is one of more than 27 community foundations spread throughout the state working to improve the general quality of life in their counties, including initiatives to develop more affordable housing.