A private-philanthropic partnership between five investors has launched the long-awaited Jacksonville Growth and Affordability Partnership Fund, or the Jax GAP Fund – a $20 million private-philanthropic loan fund aimed at financing $80 million in new affordable multifamily rental housing in Jacksonville.
The Jax GAP Fund was announced at an Aug. 20 press conference at The River Club. Speakers included representatives from the five investors: The Community Foundation for Northeast Florida, Pinnacle Financial Partners, Self-Help Ventures Fund, the Jessie Ball duPont Fund and lead investor Northern Trust.
In her comments at the August press conference, Jessie Ball duPont Fund President Mari Kuraishi said the fund is already accepting applications from interested developers.
“Affordable housing is a huge priority in Jacksonville,” Kuraishi said. “Studies show that the typical Jacksonville renter has been rent-burdened for over a decade now, spending over 30% of their income on housing.”
According to the University of Florida Shimberg Center for Housing Studies, rentals are becoming harder to find for households earning 50% or less of the Area Median Income (AMI), which is $51,250 for a family of four…