Those who need affordable housing just got an early, if indirect, Christmas gift — $4 million of new loan money that will be made available to housing providers by the Community Foundation for Palm Beach and Martin Counties.

The foundation announced the initiative at the Florida Housing Coalition’s statewide affordable housing conference in Orlando earlier this week. Utilizing a grant from the John D. and Catherine T. MacArthur Foundation, the Community Foundation made the $4 million low-interest loan to the Florida Community Loan Fund, which will invest it in a new $25 million Affordable Housing Preservation Loan Pool Demonstration Program. Other affordable rental housing projects in Martin and Palm Beach counties also will be supported.

Local non-profit leaders hailed the program but said they would need more information before they apply for the money.
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