JACKSONVILLE, Fla. – City leaders on Wednesday unveiled a $20 million revolving lending pool intended to accelerate production of affordable rental housing across Jacksonville.
The Jacksonville Growth and Affordability Partnership Fund, known as Jax GAP, pairs private investors, philanthropic organizations and a nonprofit lender to fill financing gaps for multifamily projects.
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Northern Trust is the lead investor; the Jessie Ball duPont Fund, The Community Foundation for Northeast Florida and Pinnacle Financial Partners are also participating. Self-Help Ventures Fund will manage the lending vehicle.
Officials said the initial capital is designed to work alongside the 4% Low-Income Housing Tax Credit program and other sources to help unlock about $80 million for affordable multifamily development. Because the fund is revolving, loan repayments can be reused for new projects, officials said, stretching the impact of the original investment.
“This is a generational investment,” Council member Rahman Johnson said. “Twenty million dollars matters. But what matters even more is what those dollars can unlock, how many families they can serve and how many times that capital can be recycled and put back to work. We are not simply funding housing. We are building financial infrastructure for affordability.”
The launch comes as the City Council debates the fiscal 2026-27 budget and broader strategies for addressing housing needs. Johnson helped announce the fund with fellow Council member Michael Boylan and local housing and finance leaders.
“Budgets tell us what government is willing to fund. Investments tell us what a community believes is worth building,” Johnson added. “Today, Jacksonville invested in people, possibility and permanence. That isn’t just affordable housing. That is legacy.”
Officials said the fund intends to invest in Jacksonville’s long-term ability to create and sustain affordable housing.