New affordable housing loan program aims to help the housing crisis in Jacksonville
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City leaders are offering some possible solutions to the housing crisis.
On Wednesday, Jacksonville Mayor Donna Deegan committed $10 million in her proposed 2024-2025 budget to help ease the burden on local families.
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“The city’s contribution allows the fund to bring additional investors into this effort, and there are millions of dollars in pledges already lined up to match our investment,” Deegan said.
The funding would jump-start what Deegan calls an innovative affordable housing loan program.
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Deegan said that $10 million is part of a $40 million fund that involves public, private, and nonprofits. It will offer low-cost financing to affordable housing developers.
“We know it is absolutely critical to solve the affordable housing crisis in Jacksonville and we are all here today because we are ready to act,” Deegan said.
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Planners said this public-private partnership will generate $120 million worth of new multi-family rental housing over 20 years, with the potential to develop 1,000 or more additional affordable housing units.
“We will bring in $12 of community investment for every $1 that the city invests,” Deegan said.
The program offers several options for developers who offer a certain percentage of units under the area median income.
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Deegan said since 2011, the typical Jacksonville renter has spent over 50% of their income on housing.
She said there needs to be more affordable housing options and more inventory.
The mayor will submit her budget in July. If all is approved, October 1 would be when the budget for the loan program would become available.
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