Citizen Portal
Sign In

Jackson Development begins rehabilitation after acquiring Bellevue, Calabash and Loveland; plans mixed homeownership and rental preservation

Committee on Housing, Transportation, Infrastructure and Telecommunications, Legislature of the U.S. Virgin Islands · February 11, 2026

Loading...

AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

Jackson Development Company said it closed purchases in January 2025 of three affordable housing complexes and secured a $74.36M CDBG‑DR/MIT financing package with VIHFA to stabilize, renovate and preserve 315 units while offering an optional homeownership conversion track for many tenants.

Jackson Development Company representatives told the housing committee they purchased Bellevue Village, Calabash Boom Apartments and Loveland from previous owners in January 2025 and are executing a combined acquisition and rehabilitation financed through VIHFA‑administered CDBG Disaster Recovery and Mitigation loan and grant funds totaling approximately $74.36 million.

Clifford Graham said the financing allocated about $52.86M for acquisition and soft costs and about $21.5M for renovation and rehabilitation: Bellevue (72 units, $5.3M), Calabash Boom (48 units, $2.4M) and Loveland Phase 1 (99 units, $5.3M) with Loveland Phase 2 kept as long‑term affordable rental (96 units, $8.5M). Graham emphasized a “dual track” approach: preserve rental housing where needed and offer eligible tenants the opportunity to convert to homeownership with a portion of rent credited toward purchase and additional buyer subsidy funded by CDBG resources.

VIHFA testified that notices to proceed were issued for phase work (Loveland Phase 1: 11/07/2025; Bellevue & Calabash: 01/29/2026) and contractors have mobilized for renovation. Senators pressed JDC and VIHFA on maintenance backlogs, wastewater plant failures at Calabash, tenant relocation/temporary housing and the valuation of subsidy and program‑income returns; officials said monitoring is ramping up and site inspections and corrective actions are scheduled.

Why it matters: The acquisition preserves hundreds of affordable units in a market with limited supply and provides a subsidized homeownership path for on‑site tenants — a significant local housing policy development with substantial federal mitigation dollars at stake.