Plans to renovate two Jacksonville apartment complexes into affordable housing came closer to receiving support from the city May 28 when an ordinance to provide help with financing for the project advanced in the City Council.
Ordinance 2024-0380 would authorize the Jacksonville Housing Finance Authority to issue up to $17.5 million in state multi-family housing revenue bonds on behalf of a Palm Beach-based developer to buy and rehabilitate the Huron Sophia Apartments at 2800 Sophia St. in West Jacksonville and the Capri Villas Apartments at 4832 N. Main St. in Northwest Jacksonville.
The ordinance came to the Council on second reading, with the opportunity for public participation. No one spoke on the legislation, which now will return for committee consideration.
A summary attached to the legislation states that the rehabilitated Huron Sophia Apartments and Capri Villas Apartments would comprise 72 and 79 units, respectively. The developer will set rents at “a rate affordable for persons of low, middle or moderate income,” the summary says.
Total cost of the project is estimated at $26.9 million. SAH will finance the projects with the JHFA bonds, a $16.2 million mortgage from Fannie Mae and $9.3 million in housing tax credit syndication equity.
A summary of the legislation identifies the collective borrower as SAH HS Holdings LLC and SAH CV Holdings LLC. The LLCs are associated with SAH HSCV Holdings LP. The Division of Corporations filing for the limited partnership says it is in Palm Beach.
The JHFA’s bond program provides for below-market-rate loans of bond proceeds to support development of affordable housing. JHFA serves as a conduit for the financing assistance and is not liable on any bonds that are secured by revenues from the development, by credit enhancement provided by the borrower or a combination.