The City of Jacksonville has approved an appropriation of $1,000,000 from the Contingency account to the Contribution To-From Component Unit account within the Homelessness Initiatives Special Revenue Fund. The funds will be used by the Jacksonville Housing Finance Authority to support the development of multifamily affordable housing in Duval County. These funds will be deposited into the Multifamily Housing Development Loan Fund, which provides development loans for the acquisition, construction, or rehabilitation of affordable housing. The JHFA will provide a matching $1,000,000, bringing the total fund to $2,000,000.
This appropriation is significant as it directly contributes to increasing the supply of affordable housing in Jacksonville. By providing financial support for the development of multifamily residential housing, this initiative aims to reduce homelessness and provide more housing opportunities for low-income residents of Duval County.