• Approves a $3.8 million loan to developer in connection with the construction of 108-units of affordable housing as part of a multi-location development

Neighborhoods, Community Services, Public Health and Safety Committee · 2026-06-01 · agenda_item

A multi-location development is planned to include 108 units of affordable housing. The project requires a minimum capital investment of $18.4 million. Specific sites include Tracy Road (1.81 acres) with 35 one-bedroom units, Justina Court (1.61 acres) with 35 one-bedroom units, and Ricker Road (3.22 acres) with 38 townhome-style units. The project is currently under review, with a $3.8 million loan from the City of Jacksonville pending. Construction is expected to begin within 9 months of agreement execution and finish within 30 months. This project will involve site preparation, utility work, vertical construction, and interior and exterior finishes. Local contractors, suppliers, and service providers should reach out early to explore opportunities as plans and bids are developed.

loan amount

3.8 million dollars

dwelling units

108

minimum capital investment

18.4 million dollars

interest rate

1 %

interest only payment period

20 years

percentage of AMI

60 %

Tracy Road acreage

1.81 acres

Tracy Road units

35

Justina Court acreage

1.61 acres

Justina Court units

35

Ricker Road acreage

3.22 acres

Ricker Road units

38

construction commencement window

9 months

construction completion window

30 months

performance schedule extension

6 months

mortgage priority

fifth

JHFA bonds

16.625 million dollars