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

[thelakelander]

If successful, this project would extend the trend of new development, in Brooklyn, into LaVilla via the Park/Lee Street corridor.

In other business, the DIA also approved a $270,000 loan from the Downtown Economic Development Fund to Vestcor Inc.

The company proposes to build “Lofts at LaVilla,” a $22 million, 120-unit affordable housing development at Lee and Water streets near the Jacksonville Branch of the Federal Reserve Bank of Atlanta and the Prime Osborn Convention Center.

Vestcor plans to build affordable apartments that would be leased by Downtown workers and others whose annual salary is 80 percent or less of the state median income.

That calculates to about $49,000 or less for a family of four to qualify for the housing.

The loan, combined with another $270,000 from the Jacksonville Housing Finance Authority, represents the minimum required local government support for the project. That will allow Vestcor to apply for federal funds through the Florida Housing Finance Corp.’s Low Income Housing Tax Credit Program.

The loan approved by the authority has a 20-year term at 0 percent interest and no installment payments required.

If Vestcor ultimately does not receive the tax credit for the project, the city will not be liable for the loan.

Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=546252

[UNFurbanist]

This sounds awesome! I never thought the spill over from Brooklyn would start so soon (fingers crossed). Also, the affordable housing aspect of it is important as the area starts to possibly gentrify. It seems as though they have completed a lot of affordable housing projects around Jax so with an understanding of the local market they shouldn't have much of a problem making this actually work out.

[Bill Hoff]

Just a reminder: Anything contingent on tax credits is hypothetical.

[ben america]

Am I reading this right that almost a third of the financing will come from public sources?

[UNFurbanist]

It looks like it. But they have something like 10 affordable housing developments around Jax that seem to have used similar credits so they might have it figured out. Again I'm just being optimistic, probably won't end up happening.

[brainstormer]

That's a great location and I'm pretty sure an empty lot right now. There is a Skyway stop there and people would have access to all sorts of transportation options when the JTA Center opens.

[Shirt Tail Johnson]

If successful, this project would extend the trend of new development, in Brooklyn, into LaVilla via the Park/Lee Street corridor.

In other business, the DIA also approved a $270,000 loan from the Downtown Economic Development Fund to Vestcor Inc.

The company proposes to build “Lofts at LaVilla,” a $22 million, 120-unit affordable housing development at Lee and Water streets near the Jacksonville Branch of the Federal Reserve Bank of Atlanta and the Prime Osborn Convention Center.

Vestcor plans to build affordable apartments that would be leased by Downtown workers and others whose annual salary is 80 percent or less of the state median income.

That calculates to about $49,000 or less for a family of four to qualify for the housing.

The loan, combined with another $270,000 from the Jacksonville Housing Finance Authority, represents the minimum required local government support for the project. That will allow Vestcor to apply for federal funds through the Florida Housing Finance Corp.’s Low Income Housing Tax Credit Program.

The loan approved by the authority has a 20-year term at 0 percent interest and no installment payments required.

If Vestcor ultimately does not receive the tax credit for the project, the city will not be liable for the loan.

Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=546252


What do I need to do to get 270k interest free with no payments? 

[thelakelander]

^Propose an affordable housing project in downtown.

[thelakelander]

Here's a rendering. This project goes before the DDRB for conceptual review next week.

[jcjohnpaint]

What happened to the one closer to the courthouse?  I drove by yesterday and nothing seems to be moving along. 

[martt12]

/\ I was just asking the same question...

[CCMjax]

This is good if it happens.  Let the spillover into LaVilla from Brooklyn begin! .  . . . . hopefully.

[Kerry]

I am not fan of concentrated poverty.  It is almost like the 60's and 70's never happened.  I would much rather the City mandate that 10% of all multi-unit residential be set aside for worker housing when pubic funds are used.

https://www.youtube.com/watch?v=xKgZM8y3hso

[CCMjax]

I am not fan of concentrated poverty.  It is almost like the 60's and 70's never happened.  I would much rather the City mandate that 10% of all multi-unit residential be set aside for worker housing when pubic funds are used.

https://www.youtube.com/watch?v=xKgZM8y3hso

Pubic funds?  I think we know what you meant.  I agree with you but maybe only after activity and demand goes up a little.  At this point I don't think they should be too restrictive on the developer since LaVilla is mostly vacant residentially.  Maybe if this one is successful start implementing that on future developments once some momentum is built.  It's like starting a bonfire with wet wood, it's a delicate process and you want to help that spark turn into a flame.  You don't put more wet wood on the fire until it gets going.

[Kerry]

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.