Vestcor plans to build "Lofts at LaVilla" next to Skyway

[Tacachale]

I wouldn't call this "low income housing". The targets are those with 80% of the state's median income - ie, families making $49,000. It's below average, but considering that most new housing (understandably) targets people with above average income, it's not like this is exactly HUD housing.

[fieldafm]

Vesctor's Lofts at LaVilla would be classified as an affordable housing project.  It gets confusing to those that don't deal with these types of transactions everyday... but Fannie Mae basically lumps multfamily affordable housing financing into three categories:

*Low Income: Income no greater than 80 percent of area median income (Lofts at LaVilla falls under this category)
*Very-Low Income: Income no greater than 50 percent of area median income
*Small Multifamily: Income no greater than 80 percent of area median income for properties with between 5 and 50 units  (this is a new category designed to help developers and investors that operate in a niche... this is particularly important in neighborhoods where building a 300 unit apartment building isn't financially viable, or in dense areas that have a legitimate affordable housing crisis whereas an investor can develop smaller parcels and still qualify for Fannie Mae/Freddie Mac affordable housing financing)


Vestcor's (the same developer for 11East and the Carling downtown) current bread and butter is affordable housing and senior living multifamily projects (both in Jax and statewide).

Frankly, this area of town has not had its fair share of deals that have received Low Income Housing Tax Credit financing in the past 10 years... coupled with the fact that the GSE's (IE Fannie and Freddie) have basically an unlimited cap on purchasing affordable housing multifamily loans that meet their underwriting criteria within these categories.. I think Vestcor has a better than good shot at going vertical with this project. That's a positive for LaVilla, Downtown and for housing costs in general.

[UNFurbanist]

Yeah, I think eventually when the gentrification finally hits DT Jacksonville we will be happy a few projects like this got in. Even if it is "low-income" it is 100% better than an empty lot. This a long with a booming Brooklyn, new JRTC (hopefully the pretty one) and that seven story 55+ housing, the area might attract some decent investment. Will it "blow up"? Probably not, but it will look much more attractive than it is now and the market-rate housing will come.

[Steve]

I doubt low-income housing is going to attract market-rate housing.  I can't think of anywhere where that strategy has worked despite repeated attempts.

It doesn't necessarily work the other way either. If so, the area around Berkman Plaza would be booming - they turned dirt with luxury in 1999.

Like field said, I think that sometimes all income-restricted housing gets grouped into things like Eureka Gardens. Vestcor isn't known for operating things like Eureka Gardens, but developments like 11E and The Carling, two properties that they did a great job with.

I'm an advocate for a developer's track record (to a degree obviously). I haven't seen the site plan so I'll hold my full opinion until that happens, but I'd say that the dream of a high-rise upscale residential with solid retail and an excellent site plan are probably a little off for LaVilla at present. This is probably a little more in-tuned with the economic reality.

Also, assuming the site plan and building are good nothing says they can't go upscale down the road.

[strider]

I believe that most if not all experts in revitalizing urban areas have used the phrase: "If you are good enough to work here, then you are good enough to live here".  There needs to be a mix of housing options and low income (call it "workforce housing" if that sits better with you) needs to be a component in any urban community if you want it to be truly successful.