{"id":206088,"date":"2026-03-25T22:38:08","date_gmt":"2026-03-25T22:38:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/206088\/"},"modified":"2026-03-25T22:38:08","modified_gmt":"2026-03-25T22:38:08","slug":"jacksonville-approves-5-million-loan-for-240-affordable-housing-units-along-beach-blvd-jdr","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/206088\/","title":{"rendered":"Jacksonville approves $5 million loan for 240 affordable housing units along Beach Blvd: JDR"},"content":{"rendered":"

JACKSONVILLE, Fla. \u2013 In a vote on Tuesday, the Jacksonville City Council approved a $5 million loan for an affordable housing development, drawing support from Republican Council members and Mayor Donna Deegan, a Democrat, according to our news partners at the Jacksonville Daily Record.<\/a><\/p>\n

With an 18-0 vote on Ordinance 2026-0150, The Vestcor Cos. is set to receive the loan for development of a 240-unit affordable housing community along Beach Boulevard near St. Johns Bluff Road.<\/p>\n

Construction of the eight-building project is set to take place on 11 acres of vacant land at 11000 Beach Blvd., less than one-half mile west of Interstate 295. <\/p>\n

All units in the three-story buildings would be reserved for renters with up to 60% of the area median income. <\/p>\n

Should the city approve the loan, Vestcor would contribute $5 million in direct investment and would pay about $7.35 million for the land, according to a staff memo accompanying the legislation.<\/p>\n

Terms call for the loan to be paid back at a 1% simple interest rate over 20 years, according to the memo, with a payment of any outstanding principal balance paid back at the conclusion of the loan. <\/p>\n

The loan would be financed through the city\u2019s general fund.<\/p>\n

The total development cost is listed at $56.5 million. Construction is set to begin by Sept. 1, 2026, and be completed by May 1, 2028, according to an economic development agreement attached to the memo. <\/p>\n

Read the full story at jaxdailyrecord.com<\/a><\/p>\n

Copyright 2026 by WJXT News4JAX – All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"JACKSONVILLE, Fla. \u2013 In a vote on Tuesday, the Jacksonville City Council approved a $5 million loan for…\n","protected":false},"author":2,"featured_media":206089,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1571,1644,116,118,117],"class_list":["post-206088","post","type-post","status-publish","format-standard","has-post-thumbnail","category-jacksonville","tag-affordable-housing","tag-housing","tag-jacksonville","tag-jacksonville-headlines","tag-jacksonville-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/206088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=206088"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/206088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/206089"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=206088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=206088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=206088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}