JACKSONVILLE, Fla. – A $5 million fund to bring more affordable housing is on its way to low-income neighborhoods in Duval County.
The housing development loan fund was made possible through a partnership with United Way of Northeast Florida and LISC Jacksonville.
United Way and LISC announced their multi-million-dollar partnership Wednesday that will stimulate housing development and ultimately help stabilize families and neighborhoods.
The news conference was held at the auditorium of William M. Raines High School.
A recent University of North Florida Public Opinion Research Lab poll found that a quarter of those surveyed said the most important problem facing Jacksonville is housing costs.
According to a recent report, over 40% of households living in Northeast Florida struggle to make ends meet.
“We have a lot of work that we can do together,” Melanie Patz, United Way’s president and CEO, said. “We believe in the power of homeownership to create communities where individuals are connected and thrive.”
The United Way is contributing $4 million to the fund while LISC will contribute the remaining $1 million.
LISC will also service the loans, monitor compliance and oversee construction of new or renovated homes for purchase.
“Owning a home is not just about the importance of having a roof over your head,” Patz said. “It’s also about building assets, improving the financial well-being of a family long term so that they can break the cycle of generational poverty, supporting a family’s quality of life and increasing pride in our community.”
The loan also has an interesting aspect to it. It will gain interest over time and will be repaid once the home is sold.
Aundra Wallace, United Way’s Affordable Housing Task Force co-chair, called the partnership one of the greatest opportunities that he had to work on.
“Our community is growing rapidly, and sometimes you have growth and then there is displacement,” Wallace said. “People don’t have opportunities to participate in that growth. So you want to make sure you don’t leave anyone behind.”
Contractors will also have access to the funds needed to build homes in underdeveloped communities, such as the one that Pastron Harry Williams, lead developer for ITWIC Enterprises, said he grew up in.
“It’s rare that you get a chance to do something in a community that you grew up in,” Williams said. “To be a part of a process that is going to bring ownership back to a neighborhood that allowed me to be the person that I am today is quite a feat.”
