A federal USDA loan used to develop a Nassau County property, Peppertree Village in Fernandina Beach, is being paid off.
In a letter stuck to more than 60 doors, Hallmark Management, the owner of this property, wrote to residents that once the loan provided by the U.S. government is paid off, rent will no longer be reduced. It is expected to be paid off on January 25, 2027.
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Residents told Action News Jax some people pay as low as $200 for rent with that assistance. They say this is a community designated for elderly and disabled people. Many of them live on fixed incomes, so they will not be able to afford it.
“We got some here that can barely walk, got very bad breathing trouble, they’re on oxygen,” said Michael Iobino, a resident who has lived at Peppertree Village for eight years. “Our rent here is going to go up to the basic, which is going to be over 1,119 or so dollars, and you know, nobody on social security makes over a thousand dollars a month.”…