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County Nears Deal to Fund Property Orphans

MIAMI-Miami-Dade Empowerment Trust Inc. expects the newly formed EZ Funding Association Inc. to offer a more efficient way to finance local development of neglected properties in communities throughout the area.

By David R. Corder | Updated on May 04, 2001

MIAMI-In a creative move, the not-for-profit Miami-Dade Empowerment Trust Inc. has set up a for-profit subsidiary as a vehicle for encouraging development of neglected commercial and residential properties in some of county’s most impoverished communities.

The county-supervised trust, which oversees a federal-backed noncontiguous empowerment zone in Miami-Dade County, is near to finalizing negotiations with an unnamed financial institution to create a revolving loan program for the newly created EZ Fund Association Inc., Bryan K. Finnie, the trust’s president and chief executive officer, tells GlobeSt.com.

“The trend for banks and financial institutions is to make investments in urban areas via the for-profit subsidiary route,” Finnie says. “It allows us to compete aggressively in the nonprofit marketplace as well as the for-profit marketplace.”

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