The Jacksonville City Council approved a resolution authorizing the Jacksonville Housing Finance Authority to issue up to $20,000,000 in Multifamily Housing Revenue Bonds to finance the acquisition and rehabilitation of Riverside Park Apartments, an existing affordable housing facility for elderly residents. Located at 750 Oak Street in the Riverside area, the 90-unit project will undergo substantial upgrades to improve living conditions and extend the building’s useful life. The financing will not rely on city or county credit and is secured solely by revenues from the project. The bond issuance was reviewed in a public hearing with no opposition and was found to provide a substantial public benefit, consistent with the Authority’s mission and the city's housing goals.
This resolution ensures preservation and modernization of affordable senior housing in a historic neighborhood, helping to meet housing needs for low- and moderate-income elderly residents while revitalizing existing assets.