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Jacksonville rehabs several homes, keeps mortgages under 3% and schedules homebuyer training
Summary
Neighborhood Improvement staff reported progress on several rehab projects (123 Kid Drive, 426 Myrtlewood Circle, 408 Ann Street), said the city holds pilot-program mortgages with interest rates not to exceed 3%, and announced August and September homebuyer training with modest fees.
Neighborhood Improvement Services staff reported multiple housing-rehab projects under way and outlined the city's pilot program to hold mortgages at favorable rates for future homeowners.
Pamela Trafton, Neighborhood Improvement Services manager, said 123 Kid Drive — an acquisition turned to affordable-home ownership — is on the cusp of final inspection and expected to receive a certificate of occupancy this week. "Once the rehab is complete this home will be available for a homeowner," she said.
Trafton and staff showed photos and updates on 426 Myrtlewood Circle, a gut rehab with new windows, doors and today-arrived appliances, and said 408 Ann Street remains under contract and is in underwriting with a hoped-for sale next month. The department said it currently has four homes in inventory (one of an initial five has sold), and that upcoming reconstruction work will expand the pipeline.
On financing, staff described a pilot mortgage program in which the City of Jacksonville holds the mortgage for homes built or acquired through the program and limits interest rates to no more than 3% to support first-time buyers. "Our interest rates will not exceed 3%," Trafton said.
Staff explained the city acquires properties both proactively (department staff identify dilapidated structures while driving the city) and reactively (property owners approach the city or the city exercises first right of refusal when owners list for sale). The work proceeds as part of the department's Clean and Green Initiative.
The department also announced a homebuyer education course on Aug. 8 at the Jacksonville Station with a $25 registration fee and a money-management class on Sept. 12 that will change from free to $10 per person once the budget is approved; both are part of the eligibility process for program participants.
Staff said the department expects additional reconstructions in the coming year and will open sales to qualified buyers after final inspections and underwriting are complete.
