The Jacksonville Housing Finance Authority (the “Authority”) has an incredible program that helps provide financing for qualified multifamily housing developments. This program is designed to help support and promote the goals of the Authority, while also meeting the necessary requirements of federal and state law.
The Program, referred to as the Jacksonville Multi-Family Housing Program, is designed to help these qualified developments by issuing Obligations of the Authority, the proceeds of which are then loaned to developers for their projects. These loans can be used to help cover the upfront costs of the development, such as the acquisition, construction, renovation, and refinancing of multifamily housing units.
In order to be eligible for the program, developers must meet certain criteria. These include having a sound financial structure, being able to demonstrate the ability to repay the loan, and having sufficient experience in developing and managing similar projects. In addition, the development must have the potential to provide a positive return on investment for the Authority and must meet the goals of the Authority.
Furthermore, the Program has certain other requirements that must be met in order for the loan to be approved. These include ensuring that the development conforms to the applicable zoning laws, providing sufficient security for the loan, and ensuring that the development follows all applicable environmental requirements. Additionally, the developer must meet the criteria of the Authority’s risk-based pricing system.
The Jacksonville Multi-Family Housing Program is a great opportunity for developers to get the funding that they need for their projects. By meeting the eligibility criteria and meeting all of the program’s requirements, developers can take advantage of the Authority’s financing options and be able to create much-needed housing developments in the area.