Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Rules committee approves $5 million loan for 240 affordable units, assigns oversight to Economic Development
Summary
The Rules Committee approved ordinance 2026-0150, a $5 million low-interest loan intended to produce 240 rental units restricted at or below 60% AMI for 20 years. After debate, the committee voted to have the Office of Economic Development supervise the project instead of Neighborhoods.
The Jacksonville Rules Committee on March 16 approved ordinance 2026-0150, a $5 million loan intended to finance 240 affordable rental units restricted at or below 60% of area median income for 20 years.
Supporters said the loan is structured as a recoverable financing vehicle rather than a completion grant, and it will be backed by a 20-year affordability covenant. "This is a $5 million loan. We will get our money back," said Council Vice President Nick Howland, an introducer of the bill, adding that the 20-year term "guarantees the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
