Loans to develop affordable housing in Duval County
Jacksonville Business Journal
Ashley Gurbal Kritzer, Reporter
Date: Thursday, October 27, 2011, 5:03pm EDT
The Jessie Ball duPont Fund is investing $2 million in efforts to develop and preserve affordable rental housing for low-income individuals and families in Duval County.
The $2 million will be loaned to the Florida Community Loan Fund, which will then dole out the money in loans to developers.
The intention is to increase the inventory of affordable rental housing and also to grow the capacity of organizations - nonprofit and for-profit - that provide affordable rental housing in the county.
"Making loans is not the goal here," Sherry Magill, president of the Jessie Ball duPont Fund, said in a news release. "Making loans is a tactic. The goal is to build a system to ensure that folks can afford housing."
The $2 million investment is being made not through grants, but through a program related investment to the Florida Community Loan Fund.
PRIs are investments by a charitable foundation at below-market rates to support organizations that are addressing social or community concerns.
Those interested in one of the loans should contact the Florida Community Loan Fund at 407-246-0846.