October 10, 2024

Housing Finance Development

It's Your Housing Finance Development

Deegan, nonprofits plan  million for affordable housing loans

Deegan, nonprofits plan $40 million for affordable housing loans

Mayor Donna Deegan (center) announced a new loan program for developers to help fund affordable housing construction. She was joined by (from left to right) Joshua Hicks, Michael Boylan, Isaiah Oliver and Mari Kuraishi on Wednesday, April 10, 2024, at the Jessie Ball duPont Foundation headquarters downtown.

Mayor Donna Deegan will include $10 million in her next budget specifically to provide loans to affordable housing developers, she announced Wednesday.

The funds will ultimately represent a quarter of a larger private-public partnership that she hopes will raise at least $40 million in the upcoming year for the program and ultimately generate $120 million in new multifamily rental housing. 

The plan has been in the works in the private sector for years, leaders of the Jessie Ball duPont Fund and The Community Foundation of Northeast Florida said. The city’s involvement now, Deegan said, was a matter of prioritization. 

Home-buying resources:Looking for new homeowners programs in Duval County? These resources may help

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