Duval Times

The Mayor of Jacksonville, Donna Deegan, has committed $10 million towards a Affordable Housing Fund in the city. The fund aims to address the affordable housing crisis in Jacksonville by leveraging public, private, and philanthropic low-interest loans to provide affordable financing to developers. Deegan expressed her optimism about the initiative, stating, "Nos enfrentamos a una crisis de vivienda asequible en Jacksonville, y este innovador fondo de vivienda presenta la oportunidad de atraer $12 adicionales de inversión por cada $1 que invierte la ciudad."

The Mayor highlighted the importance of collaboration in addressing the city's challenges, saying, "Esto muestra lo que es posible cuando todos nos unimos para encontrar soluciones a los desafíos de nuestra ciudad. Estoy agradecida por todos los líderes filantrópicos, empresariales, del Concejo Municipal y de la comunidad que están trabajando juntos para resolver el desafío de la vivienda asequible."

According to research studies, the affordable housing situation in Jacksonville has been a pressing issue, with tenants spending over 50% of their income on rent. The partnership aims to bridge the gap in affordable housing units for households earning 50% or less of the Area Median Income. Amanda Frazier Wong, President of Self-Help Ventures Fund, emphasized the significance of the fund, stating, "Este fondo de préstamos pone más combustible en el tanque para que se pueda construir y preservar más viviendas asequibles cada año."

Various private and philanthropic partners have shown interest in contributing to the fund, with the goal of reaching a total of $30 million to match the city's $10 million investment. These partners include the Jessie Ball duPont Foundation, the Community Foundation for Northeast Florida, and Northern Trust. Mari Kuraishi, President of the Jessie Ball duPont Foundation, highlighted the uniqueness of the model in attracting private and philanthropic dollars, stating, "Este modelo es único porque puede atraer dólares privados y filantrópicos que de otra manera estarían inactivos y devolver el capital para ser reinvertido en la comunidad."

The fund is set to be presented at the Special Council Committee on Affordable Housing and Homelessness meeting on April 22, with Council Member Joe Carlucci leading the discussion. The initiative has been a long-awaited solution recommended at the Mayor's Housing Summit in 2022 and by Mayor Deegan's affordable housing transition committee.

Overall, the commitment of $10 million towards the Affordable Housing Fund in Jacksonville marks a significant step towards addressing the city's affordable housing challenges and fostering collaboration between public and private sectors.