JACKSONVILLE, Florida. – In an effort to combat affordable housing and homelessness in Duval County, the Jacksonville City Council approved an order allocating $1 million from the city’s contingency fund to support affordable housing projects.

The funds will go to Jacksonville Housing Finance Authority (JHFA)which will match the city’s contribution to create a $2 million revolving loan pool for multifamily housing developments.

The ordinance, introduced by Councilman Joe Carlucci, temporarily waives Section 111.920, authorizing city funds normally reserved for homelessness initiatives to support affordable housing.

Monitoring of the fund will be carried out by the Neighborhood Departmentand an interlocal agreement between the city and JHFA will ensure reporting and maintenance requirements are met for the next 20 years.

During council discussions, council member Ron Salem noted that the city previously allocated $3.64 million for homelessness initiatives. Of this, $1 million was allocated to the Fire and Rescue Service to support its Homeless Response Team, leaving $1.6 million for future homelessness projects. shelter. Salem stressed that this new $1 million allocation to JHFA would not impact funds set aside for the city’s homeless response efforts.

Board member Nick Howland invited JHFA Board President Barney Smith to explain how the funds would be used. Smith highlighted JHFA’s recent efforts to provide replacement financing for affordable housing and described how the new revolving loan fund would provide long-term (15 years) loans to developers.

Smith explained that the revolving loan pool would allow for investment in housing without putting immediate pressure on developers to quickly repay loans.

Summary of the new affordable housing loan fund:

• Total funding: $2 million (city’s $1 million matched by JHFA)

• Fund Purpose: Revolving loan fund dedicated to affordable multi-family housing projects in Duval County

• Duration: The loans will have a duration of 15 years, providing developers with a longer repayment window.

• Surveillance: Neighborhood Service; JHFA annual report

• Duration: JHFA is required to maintain the fund for at least 20 years.

• Waiver: Temporarily waives the restrictions of Section 111.920 to permit homeless funds to be used for affordable housing development.

Councilor Raul Arias praised the expected return on investment for the city, adding that such programs create lasting benefits for the city.