NORTHEAST REGION
FCLF LOAN $500,000
Construction Line of Credit for acquisition & rehab or new construction of single family affordable homes
12 affordable homes
"Grace and Truth CDC is in a period of growth and transition. We have changed the way we do business. The construction line of credit from FCLF has provided the vehicle needed to facilitate that change." – Sonia Roberts, Economic Development Director
Grace and Truth CDC was started by Bishop E.M. Johnson and members of Grace and Truth Ministries in Jacksonville. Founded in 2001, the organization is committed to revitalizing urban communities by building quality, affordable housing that is sustainable and environmentally responsive.
Since inception, Grace and Truth CDC (G&T) has built or renovated 65 homes for sale, and 5 homes and 2 duplexes for lease. G&T is in the process of renovating 5 quadruplexes also for lease. All homes are Energy Star rated and located in low- or moderate-income census tracts. In addition to offering homes for sale, G&T operates a Homebuyers Club, which counsels more than 150 individuals annually to prepare them for home ownership, and has offered services such as financial literacy education and job skills training to 4,700 individuals. G&T is actively involved in the Norwood Avenue Business and Neighborhood Association, helping improve the community and acting as a conduit for information pertinent to residents.
In addition to sale and lease of homes, G&T acquired and is in the process of completing renovations to the Norwood Development Center, which was formerly a school. G&T now provides retail space and a community center and proposes to develop 110 units of affordable senior housing at the site.
With a line of credit from FCLF, Grace and Truth will build up to 12 new single family homes that will be available for sale to low income households. These homes will be in the North Brookside area of Jacksonville, where G&T currently owns 52 lots, 30 of which are in the Doughboy neighborhood. All homes will be Energy Star rated, and through G&T homebuyers will receive credit and homebuyer education, as well as access to first-time homebuyer incentives.
This loan from Florida Community Loan Fund will allow Grace & Truth CDC to continue providing safe, quality affordable homes to low-income families in this area of Jacksonville where 35% of households have an income of less than $25,000 annually.
To view more photos of Grace and Truth CDC homes, visit our Flickr page.
For additional information, visit www.graceandtruthcdc.org.
