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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 affordable housing." Howland also highlighted the project's location and developer track record.
The central dispute in committee was which city office should supervise compliance and monitoring for the agreement. Neighborhoods staff argued their housing division has longstanding experience monitoring affordability covenants and managing revolving loan funds. "The housing division quite frankly has a history of monitoring these contracts. We have a revolving loan fund where we enter into a 20-year ... with some of these developers ... and it's our responsibility to monitor those contracts on a yearly basis ... to make sure the rents are staying affordable," said Joshua Hicks, identified in the meeting as an affordable housing administrator in the Neighborhoods Department.
Other members said the Office of Economic Development (OED) has contract and grant experience and that some council members have greater confidence in OED leadership. Councilmember Ron Salem moved an amendment to place oversight with Economic Development; after extended debate the amendment passed in a hand vote. Ed Randolph of Economic Development told the committee OED would coordinate necessary elements of compliance. Administration staff reiterated the work would be collaborative across departments.
The committee recorded a unanimous favorable vote on the ordinance as amended. The committee recorded seven yays and zero nays and approved 2026-0150 as amended. The ordinance will proceed to full council for final action and, if enacted, will be accompanied by a 20‑year affordability requirement and monitoring framework for the property.
