This ordinance terminates an existing regulatory agreement for the Capri Villas and Huron Sophia properties, originally tied to a 1984 industrial revenue bond, and establishes a new Land Use Restriction Agreement (LURA) for a minimum of 50 years. This LURA mandates the development and rehabilitation of the properties to provide multifamily residential housing for low, middle, or moderate-income families. The project, overseen by the Jacksonville Housing Finance Authority, ensures affordable housing within Duval County and requires adherence to additional restrictive covenants for the properties.
This decision facilitates long-term affordable housing availability in Jacksonville, strengthening the city's commitment to housing for low, middle, and moderate-income residents. It supports economic development by ensuring sustainable, community-focused redevelopment.