JACKSONVILLE, Fla. (Sept. 24, 2024) — Ability Housing, a nonprofit developer of affordable housing communities across Florida, today announces Cogent Bank’s (“Cogent”) investment of $500,000 in the organization’s Affordable Housing Fund, marking Cogent as the Fund’s first investor from the private sector.
“Cogent Bank’s support of our Affordable Housing Fund signifies that ‘community’ is truly at the heart of their business,” said Shannon Nazworth, president and CEO of Ability Housing. “Their generous support will expedite our ability to bring new affordable housing communities to Central and Northeast Florida.”
The Fund is an innovative solution to the unique challenges that come with financing affordable housing developments as a nonprofit. It will provide Ability Housing with low- or no-interest predevelopment loans, enabling the organization to maintain a robust pipeline of mission-aligned projects. This pioneering effort will accelerate the creation of affordable housing units for people in need in Northeast and Central Florida.
“As the population and economy of Florida’s First Coast continues to grow, the lack of affordable housing has become an increasingly relevant issue that impacts our entire community,” said Phil Bravo, SVP, North Florida market president of Cogent Bank. “This collaboration will help build flourishing communities that can help these individuals secure a quality, affordable home.”
The Fund was seeded with an initial investment of $3.75 million from the Capital Magnet Fund (CMF), a grant program administered by the Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund and leveraged with an additional $950,000 from the State of Florida. Cogent’s contribution, structured as a seven-year loan with a below-market interest rate, brings the Fund more than halfway to its goal of $10.2 million.
“Ability Housing is a well-known developer of affordable housing in Central Florida, and the on-site support services available for their residents are extraordinary,” said Ben Lalikos, EVP, Central Florida market president of Cogent Bank. “A home is more than just shelter—it is a foundation for financial stability and improved quality of life.”
For information on how to contribute to the Affordable Housing Fund, contact Maureen Natkin, development and engagement director for Ability Housing, at mnatkin@abilityhousing.org.