Jacksonville City Council has approved a loan to support about 180 affordable apartments, while rejecting a proposal to use money set aside for other housing assistance.
The decision allows the development to move forward with city support, though the $2.8 million commitment will need to be funded through a future city budget.
Here's what to know
The project is expected to cost about $39 million, according to city documents cited by WJXT.
The development, known as Tori Meadows, is planned for an 8.74-acre property in the vicinity of Spring Park and San Diego roads in Jacksonville, Florida.
The loan would be repaid over 20 years, with interest set at 1%. Construction must be substantially complete before the city disburses the money.
The Finance Committee outlined using the city's Affordable Housing Trust Fund to cover the loan, a substitute council members debated before approving the deal.
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The proposal drew dozens of residents to City Hall.
More background
The trust fund had already been a point of contention during approval of Jacksonville's $2 billion budget.
Amid that process, the council reinstated $4.9 million for housing affordability programs, including down payment assistance, per WJXT.
The Tori Meadows loan would help fund rental housing construction, while down payment assistance can help residents buy a home.
Drawing $2.8 million from the restored funding would have redirected more than half of that money.
The prospect of changing the decision drew opposition from Councilman Ron Salem.
"I have never seen in my 7 years here where something passes in the budget and then weeks later we are changing it," Salem commented.
What's being done?
The loan approval did not authorize tapping the trust fund.
By rejecting the Finance Committee substitute and passing the underlying deal, the council preserved that money while retaining city support for Tori Meadows.
The mayor's administration said it would identify funding for the commitment during regular budget deliberations.
Finance Chair Will Lahnen's concern about approving the loan without a funding source centered on existing fiscal obligations.
"Going into this cycle we have $35 million in unbudgeted financial commitments two years from now," Lahnen noted.
Lahnen's preferred order of operations was to settle the funding question at approval, not in a later budget.
"Pay for this now, not so we can figure it out two years from now."
Where can I learn more?
The Jacksonville debate centers on how to pay for affordable housing and whom that funding should help. These stories cover housing investments, affordability concerns, and proposals to create homes in Florida, Massachusetts, and California.
• Massachusetts directed $18.2 million toward two Cambridge projects, paving the way for 162 affordable housing units.
• In Florida, new housing funds left older homeowners questioning who can afford the homes.
• A California school site vacant for 40 years could become 30 affordable staff apartments.
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