JACKSONVILLE, August 31, 2023 – The Jacksonville Housing Authority (JHA) Board of Commissioners has approved plans to proceed with three separate real estate deals that could bring on line 789 new and upgraded apartment units for low-income residents.
The board voted to enter into non-binding memorandums of understanding with three different development groups. JHA staff will now begin negotiating final terms of the deals, which will be brought back to the board for final approval.
“These three projects show just how public-private partnerships can deliver more affordable and low-income housing to the Jacksonville market,” said JHA Chairman Christopher Walker. “I’d like to thank our development partners and JHA staff for all their hard work to bring these development projects to the board.”
To finance the three projects, JHA will be using its A+ credit rating to issue essential function bonds, or EFBs, which are issued by housing authorities to finance the construction and substantial rehabilitation of affordable housing or other community facilities owned by state and local housing finance agencies.
JHA plans to acquire the 102-unit Downtown East Apartments, formerly known as Franklin Arms, for $8 million and spend an additional $2 million to renovate the property. JHA is partnering with LIFT JAX, which will invest $1.5 million in funds it received from the city of Jacksonville.
JHA plans to partner with Atlanta-based Integral Group to acquire and renovate the 256-unit Westwood Apartments at 1171 Lane Avenue South for $140,000 per unit, or a total of $35.8 million. JHA would then invest an additional $20,000 per unit for property upgrades.
JHA hopes to team up with Miami-based Tre Bel Housing to build a new 431-unit apartment building with a mix of market-rate and subsidized rents near the I-10 and I-95 interchange. Under terms of the proposed project, JHA would earn income that could be used to finance future projects. The total cost of the proposed Tre Bel Gardens is $108 million.
“We’re excited about the potential of each of these projects as we continue to look for innovative ways of meeting the pressing need for affordable housing in Jacksonville,” said JHA CEO Dwayne Alexander. “We’re eager to finalize these agreements and bring these developments to the market.”
About JHA
The Jacksonville Housing Authority (JHA)) was created in 1994 to fill the need for a more effective community service oriented public housing agency. The Board of Directors consists of seven members who are appointed by the Mayor. These seven members have a strong record of success in private sector process and work hard to build a better future for the local Jacksonville community. For more information, visit www.jaxha.org.
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