JACKSONVILLE, Fla. — The Jacksonville Housing Authority Board of Commissioners has approved two innovative development projects. The deal involves two separate local developers that will build 152 new single family and town home units to meet the growing need for affordable housing.
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The first project will be lead by Chase Properties. It will plan to build 102 new townhomes on a 19-acre site on Jacksonville’s Westside. Upon completion, JHA will own and manage the property.
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Plans call for 20 percent of the units to be rented as affordable housing with the balance rented at market rates.
JHA will use its A+ credit rating to issue revenue bonds to finance the $33 million build-out of the first project.
The second project is with JWB Real Estate Capital. JWB is selling 50 brand new single-family, infield homes scattered throughout eight different zip codes. Three of the homes will be 2-bedrooms, 25 will be 3-bedrooms and 22 will be 4-bedrooms.
JHA is acquiring the homes for $11.5 million, or $230,000 each.
Read: New Florida Senate president puts affordable housing front and center
“While these two projects are a drop in the bucket of what’s needed in Jacksonville, it’s a start,” JHA Chairman Chris Walker said. “By advancing these new housing projects the JHA Board of Commissioners is letting the community know that we’re doing something to address the problem. This has never been done before in Duval County.”
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As the need for housing continues to swell in Jacksonville, JHA has been searching for innovative development solutions to maximize unit mix for families seeking affordable housing.