JACKSONVILLE, Fla. – Eight Jacksonville residents are getting a $20,000 boost toward buying a home, thanks to a local down payment assistance program aimed at helping renters overcome one of the biggest barriers to homeownership.
More than 250 people applied for the second annual Welcome Home Fund through JWB Cares, the charitable foundation of JWB Real Estate Companies.
Eight applicants were selected to receive $20,000 each to help them purchase a home in Northeast Florida within the next 12 months.
Among the recipients is Cherie Smith, a Jacksonville native, Navy veteran and longtime renter who said the assistance could significantly speed up her path to homeownership.
Smith has rented with JWB since January 2021. She said she had planned to buy a home, but saving enough money while paying rent and covering rising everyday expenses would have taken much longer.
“It’s very tough, because renting, you’re literally paying a mortgage every month,” Smith said. “When you have other bills that you have to pay, and the groceries and everything going up, the gas going up and all that kind of thing, it’s hard. It’s very hard.”
Smith said she plans to use the award toward closing costs or potentially to secure a lower interest rate.
As a veteran, Smith said she can use her VA loan benefits, but there are still costs associated with buying a home.
“I’ve been working with a lender that JWB supplied me with, and I’m just excited about the whole process,” Smith said.
She hopes to become a homeowner within the next year.
For Smith, homeownership is about more than having a place to live.
“That will change my life significantly because I feel like being a homeowner creates stability and is important to me as family,” she said. “With being able to be a homeowner, you feel like you really are a part of the community.”
Smith said she has owned a home before, but it has been a long time. Now, she wants a place she can call her own.
“Someplace I can call my own and I can feel more stable,” she said.
Applicants for this year’s Welcome Home Fund had to demonstrate financial need, complete homebuyer education classes, show a commitment to giving back to Jacksonville and be ready to purchase a home in Northeast Florida within 12 months.
An independent volunteer panel narrowed the applicant pool to 40 finalists. A committee of local nonprofit leaders selected the eight recipients in August.
Dr. Robert Kelly Jr., president and CEO of READ USA, chaired the finalist committee.
“The competition this year was tough because so many residents are working hard to reach homeownership but still need additional support to get across the finish line,” Kelly said.
JWB President Alex Sifakis said the program is designed to help families build long-term financial stability and wealth through homeownership.
“Helping deserving families become homeowners takes a community effort,” Sifakis said. “The Welcome Home Fund helps families overcome one of the biggest barriers to homeownership — the down payment.”
The Welcome Home Fund replaced an earlier JWB Cares effort that built and donated one home each year. That program helped create six homeowners.
The company said the new approach allows the organization to help multiple families at once.
JWB Cares is funded through annual donations from employees, vendors, clients and partners, as well as proceeds from the organization’s annual golf tournament.
JWB currently manages more than 5,700 rental homes in Jacksonville, most of which they say are considered affordable housing.
For Smith, the award also means she can continue the work she does in the community.
She founded Open Gate Transitional Services of Florida, a nonprofit that helps returning citizens, veterans and people experiencing homelessness.
Smith said becoming a homeowner will give her additional stability while allowing her to continue helping others.
“It’s another thing that this down payment assistance helps me be able to continue the organization and doing the things that I love to do, and that’s help people,” Smith said.
And she has a message for other Jacksonville renters who may be considering applying for future assistance.
“Even if you think you won’t be chosen, apply anyway because you don’t know,” Smith said. “You can’t win if you don’t try.”
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