The Southeast Florida Community Development Fund, Inc.’s (SFCDFI) is an independent 501(c)3 nonprofit organization whose primary mission is to promote community and economic development, access to capital for small businesses, and job creation. The SFCDFI contracts with the South Florida Regional Planning Council for lending expertise, loan management, and administrative and staff support.
The SFCDFI targets small businesses and start-up businesses in disadvantaged areas with capital and development services. The SFCDFI’s initial capitalization was provided by the Urban League of Broward County (ULBC) and its affiliate CDFI, Central County Community Development Corporation (CCCDC).
Development services to help lead businesses to success are provided by both the ULBC/CCCDC’s Entrepreneurship Center and SFCDFI directly. These services include the tools to properly manage and grow a business thereby helping early growth stage small businesses make sound decisions that support business growth, job creation, and greater prosperity in disadvantaged areas and communities.
It is the SFCDFI’s belief that small, disadvantaged businesses, as well as start-up businesses, deserve the same access to capital and services as non-disadvantaged businesses. These disadvantaged businesses need tools, resources, and business support to thrive. Small business creation and growth is difficult under the best of circumstances.
In South Florida, small businesses are the backbone of the region’s economy. Insufficient resources and financing are obstacles which dampen the entrepreneurial spirit and make success difficult to achieve for the small business entrepreneur willing to jump into the marketplace to compete with non-disadvantaged businesses.
The SFCDFI is supporting the development of much needed affordable housing with loans to all minority owned businesses engaged in affordable housing development. The SFCDFI is helping to address the affordable housing crisis in Broward County by providing the loans needed to build single-family homes for first time minority homebuyers in low- and moderate-income census tracts in the Cities of Fort Lauderdale, Lauderhill, Lauderdale Lakes, and surrounding unincorporated Broward County. Additionally, affordable housing projects have been built in the City of Homestead and the City of West Palm Beach in Miami-Dade County and Palm Beach County respectively.
The SFCDFI has been deemed “certifiable” by the U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI). Upon completing the certification process, the SFCDFI will have the ability to obtain additional funding and be able to address the backlog of numerous single-family homes to be built for first time minority homebuyers in an expanded target market in Broward, Miami-Dade and Monroe Counties.
The SFCDFI program partners with minority owned businesses that focus on building affordable housing for low- and moderate-income residents in the market where traditional financing is not available for affordable housing. On average, the typical single-family home costs approximately $275K to build inclusive of all hard and soft costs.
The SFCDFI has partnered with Broward County Housing Finance and Community Redevelopment to help further expand the program’s capacity and meet the current backlog of 8 new homes to be built in the target market with $1,000,000 in funding to the SFCDFI. The program has been recognized by Broward County Housing Finance and Community Redevelopment in helping address the affordable housing needs in the local communities. The SFCDFI continues to work in partnership with the Urban League of Broward County (ULBC) and its affiliate CDFI, Central County Community Development Corporation (CCCDC). Specifically, $500,000 has been invested in SFCDFI by ULBC/CCCDC. These funds are backed by a $1,000,000 loan loss reserve fund held by the ULBC.
The SFCDFI utilizes a revolving loan fund financing structure, a self-replenishing pool of money, utilizing interest and principal payments from repaid loans to issue new loans, to meet current financing projects and to provide future sustainability.
The Lauderhill CRA successfully completed the initial phase of four (4) affordable single family residential homes for first time minority homebuyers residing in the City of Lauderhill. Homebuyers have the opportunity to transition from a rental unit to home ownership with the help from the Lauderhill CRA. Financing for the construction of the homes were provided by a partnership of the Southeast Florida Community Development Fund and Broward County Housing Finance Authority. We congratulate the homebuyers of 5801 – 5831 NW 27th Court in Fort Lauderdale, FL.
Liberia Economic and Social Development Inc. successfully completed the development of two (2) affordable single family residential homes for first time minority homebuyers. Financing for the construction of the homes were provided by a partnership of the Southeast Florida Community Development Fund and Urban League of Broward County. We congratulate the homebuyers of 2861 NW 10th Court and 2791 NW 11th Place in Fort Lauderdale, FL.
Liberia Economic and Social Development Inc. successfully completed the development of two (2) affordable single family residential homes for first time minority homebuyers. Financing for the construction of the homes were provided by a partnership of the Southeast Florida Community Development Fund and Urban League of Broward County/Central County Commission Development Corporation. We congratulate the homebuyers of 2351 and 2361 Raleigh Street, Hollywood, Florida
On Monday, September 30, 2019, the Southeast Florida Community Development Fund in partnership with Minority Builders Coalition and Broward County Government, celebrated the completion of four single-family homes for first time minority homebuyers. A housewarming celebration was held onsite at NW 9th Court; the Franklin Park section of Fort Lauderdale. Brian Johnson, President of Minority Builders Coalition hosted the event and commended Broward County Government and the Southeast Florida Community Development Fund for their financing and community support to help first time minority homebuyers acquire homes for their families. The Southeast Florida Community Development Fund is an independent 501(c)3 non-profit organization with a focus on supporting the development of much needed affordable housing with loans to non-profit organizations engaged in affordable housing development.
Jeff Tart, Senior Loan Officer of the Southeast Florida Community Development Fund states….”The affordable housing crisis in South Florida continues to be exacerbated by the further reduction in land availability and continued escalation in the high cost of living for South Florida residents. Our Southeast Florida Community Development Fund with a focus on affordable housing is helping first time minority homebuyers secure newly constructed single-family homes throughout South Florida.”
The SFCDFI program partners with African American and Hispanic minority owned businesses that focus on building affordable housing for low- and moderate-income residents in the market where traditional financing is not available for affordable housing. On average, the typical single-family home costs approximately $250K to build inclusive of all hard and soft costs.
On June 7, 2022 the Broward County Commission approved an additional $1,000,000 line of credit to the Southeast Florida Community Development Fund, Inc. (SFCDFI), a 501(c)3 managed by the South Florida Regional Planning Council, to fund affordable housing for first-time homebuyers in Broward County. This is in addition to the existing $1,000,000 revolving line of credit which was approved by the Housing Finance Authority (HFA) of Broward County in late 2019.
To date the SFCDFI has financed the construction of twenty-three (23) single-family homes for first-time homebuyers in Broward, Miami-Dade, and Palm Beach counties with a focus on minority home ownership. According to the Miami Association of Realtors, Broward County single-family home prices increased 22.5% year over year in March 2022 from $445,000 to $545,000 due to record homebuyer demand and low inventory of single-family homes. The SFCDFI continues to work in partnership with the Urban League of Broward County (ULBC) and its affiliate CDFI, Central County Community Development Corporation (CCCDC). Specifically, $500,000 has been invested in SFCDFI by ULBC/CCCDC. These funds are backed by a $1 million loan loss reserve fund held by the ULBC.
The SFCDFI utilizes a revolving loan fund financing structure, a self-replenishing pool of money, utilizing interest and principal payments from repaid loans to issue new loans, to meet current financing projects and to provide future sustainability.
The SFRPC website is undergoing modifications to provide enhanced access to documents for disabled individuals and to comply with the requirements of the Americans with Disabilities Act (ADA) to make reasonable accommodations. If you need assistance accessing Council documents while these modifications are being made, please contact the SFRPC Director of Administration, at sfadmin@sfrpc.com or 954-924-3653 for assistance. Thank you for your patience and understanding as we implement these changes.
