Jacksonville City Council is getting ready to debate a proposal that would hand a private developer a $3.2 million city loan to help build about 110 units of affordable housing in Arlington and West Jacksonville. The loan would carry a 3% interest rate over 20 years and would come due once the work is substantially complete. Filed as Ordinance 2026-0266, the deal is structured as gap financing across three small infill sites instead of one big high-rise. Council committees will vet the plan before any vote by the full Council.
According to the Jax Daily Record, Ordinance 2026-0266 would provide the $3.2 million loan to Tracy Justina Ricker TC LLC and restates the key terms: 3% interest, a 20-year term and repayment triggered at substantial completion. The developer splits the project into three locations on Tracy Road, Justina Court and Ricker Road, with an estimated total project cost of roughly $18.4 million. The Tracy Road and Justina Court parcels are in Arlington, while the Ricker Road site is in West Jacksonville, forming a scattered-site portfolio instead of a single complex.
City backing and bond authority
City records show that in February the Council approved a resolution authorizing the Jacksonville Housing Finance Authority to issue up to $16,625,000 in multifamily housing revenue bonds to buy and develop the land tied to the Tracy, Justina and Ricker properties. The City of Jacksonville Legistar agenda lists the three parcels and links the bond authorization to the scattered-site infill strategy laid out by the developer.
JHFA gap financing
Board materials from the Jacksonville Housing Finance Authority show the agency reviewed the proposal and selected the Tracy, Justina and Ricker project for $1.5 million in gap financing, subject to final terms. JHFA minutes outline recommended loan conditions, including a 1% interest structure and a repayment schedule coordinated with other sources of financing, and direct staff to complete underwriting and due diligence before any loan is closed.
Who’s behind the proposal
State business filings indicate Tracy Justina Ricker TC and related managing entities are locally registered and list JWB Construction Group among the managing members for the portfolio companies. Records from the Florida Department of State Division of Corporations identify the limited liability companies and their authorized managers, while JWB Real Estate Capital describes itself as a Jacksonville-based developer and property manager with experience building and operating rental housing in the area.
Municipal meeting records show the ordinance is scheduled to move through several committees, including Neighborhoods, Community Service, Public Health and Safety; Finance; and Rules, before heading to the full Council for a final decision that will determine the project timeline. A related local funding request also appears on the Florida Senate’s fiscal year 2025-26 local funding list, where a $750,000 request tied to the project was filed by Sen. Clay Yarborough…