The Jacksonville City Council approved a resolution authorizing the Jacksonville Housing Finance Authority (JHFA) to issue up to $20,000,000 in Multifamily Housing Revenue Bonds to finance the acquisition and rehabilitation of Riverside Park Apartments. Located at 750 Oak Street in the Riverside neighborhood, the project provides affordable housing for elderly families. The bond proceeds will fund renovation and improvements to the 90-unit residential facility. A public hearing was held on February 13, 2025, with no opposition. The bonds are not a debt of the City of Jacksonville or Duval County, and will be repaid solely from project revenues. The Council found the bond issuance to provide substantial public benefit by preserving affordable housing and extending the building’s life.
This resolution facilitates reinvestment in aging affordable housing for seniors, preserving critical units in a historic neighborhood and improving housing quality for low-income elderly residents.