The ordinance approves the issuance of up to $17,500,000 in multifamily housing revenue bonds by the Jacksonville Housing Finance Authority. These funds are designated for the acquisition and rehabilitation of two existing multifamily residential housing facilities. The projects, Huron Sophia Apartments and Capri Villas Apartments, will provide a combined total of 151 units of affordable housing for low to moderate-income families. This initiative includes significant renovations to the properties, ensuring long-term affordability and improved living conditions.
This project addresses the critical need for affordable housing in Jacksonville, enhancing the quality of life for low to moderate-income residents. The development will contribute to the city's economic growth and social stability by providing secure and modernized housing options.