JACKSONVILLE, Fla. – In a vote on Tuesday, the Jacksonville City Council approved a $5 million loan for an affordable housing development, drawing support from Republican Council members and Mayor Donna Deegan, a Democrat, according to our news partners at the Jacksonville Daily Record.
With an 18-0 vote on Ordinance 2026-0150, The Vestcor Cos. is set to receive the loan for development of a 240-unit affordable housing community along Beach Boulevard near St. Johns Bluff Road.
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Construction of the eight-building project is set to take place on 11 acres of vacant land at 11000 Beach Blvd., less than one-half mile west of Interstate 295.
All units in the three-story buildings would be reserved for renters with up to 60% of the area median income.
Should the city approve the loan, Vestcor would contribute $5 million in direct investment and would pay about $7.35 million for the land, according to a staff memo accompanying the legislation.
Terms call for the loan to be paid back at a 1% simple interest rate over 20 years, according to the memo, with a payment of any outstanding principal balance paid back at the conclusion of the loan.
The loan would be financed through the city’s general fund.
The total development cost is listed at $56.5 million. Construction is set to begin by Sept. 1, 2026, and be completed by May 1, 2028, according to an economic development agreement attached to the memo.
Read the full story at jaxdailyrecord.com