A $3.8 million, 20-year loan to assist three affordable housing projects moved through two Jacksonville City Council committees beginning June 1.<\/p>\n
Ordinance 2026-0386, introduced by Council members Ken Amaro and Tyrona Clark-Murray, advanced in the Neighborhood, Community Services, Public Health and Safety Committee on June 1 with a 5-0 vote and the Finance Committee on June 2 with a 6-1 vote, with member Rory Diamond voting no.<\/p>\n
The loan to Tracy Justina Ricker TC LLC would be payable upon substantial completion of the project with a 1% interest rate and 20-year term.<\/p>\n
The LLC says it would develop 35 apartment units on 1.81 acres on Tracy Road, 35 one-bedroom units on 1.61 acres on Justina Court and a 38-unit townhouse community on 3.22 acres on Ricker Road.\u00a0<\/p>\n
The total project cost is estimated at $18.4 million, according to the legislation.<\/p>\n
Tracy Road is in Arlington near Terry Parker High School. Justina Court also is in Arlington, near Jacksonville University. Ricker Road is in West Jacksonville off 103rd Street.<\/p>\n
Tracy Justina Ricker TC LLC received state funding previously for the same project. In February, Council approved the Jacksonville Housing Finance Authority\u2019s issuance of bonds to pay up to $16.63 million to buy and develop the land for the project.<\/p>\n
Additionally, legislation in the Florida Senate sponsored by Sen. Clay Yarborough, R-Jacksonville, would have given the company $750,000 in state funding, but the money was not approved.<\/p>\n
The legislation is set for a full Council vote June 9.<\/p>\n
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