If successful, this project would extend the trend of new development, in Brooklyn, into LaVilla via the Park/Lee Street corridor.
QuoteIn other business, the DIA also approved a $270,000 loan from the Downtown Economic Development Fund to Vestcor Inc.
The company proposes to build "Lofts at LaVilla," a $22 million, 120-unit affordable housing development at Lee and Water streets near the Jacksonville Branch of the Federal Reserve Bank of Atlanta and the Prime Osborn Convention Center.
Vestcor plans to build affordable apartments that would be leased by Downtown workers and others whose annual salary is 80 percent or less of the state median income.
That calculates to about $49,000 or less for a family of four to qualify for the housing.
The loan, combined with another $270,000 from the Jacksonville Housing Finance Authority, represents the minimum required local government support for the project. That will allow Vestcor to apply for federal funds through the Florida Housing Finance Corp.'s Low Income Housing Tax Credit Program.
The loan approved by the authority has a 20-year term at 0 percent interest and no installment payments required.
If Vestcor ultimately does not receive the tax credit for the project, the city will not be liable for the loan.
Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=546252
This sounds awesome! I never thought the spill over from Brooklyn would start so soon (fingers crossed). Also, the affordable housing aspect of it is important as the area starts to possibly gentrify. It seems as though they have completed a lot of affordable housing projects around Jax so with an understanding of the local market they shouldn't have much of a problem making this actually work out.
Just a reminder: Anything contingent on tax credits is hypothetical.
Am I reading this right that almost a third of the financing will come from public sources?
It looks like it. But they have something like 10 affordable housing developments around Jax that seem to have used similar credits so they might have it figured out. Again I'm just being optimistic, probably won't end up happening.
That's a great location and I'm pretty sure an empty lot right now. There is a Skyway stop there and people would have access to all sorts of transportation options when the JTA Center opens.
Quote from: thelakelander on October 01, 2015, 01:25:23 PM
If successful, this project would extend the trend of new development, in Brooklyn, into LaVilla via the Park/Lee Street corridor.
QuoteIn other business, the DIA also approved a $270,000 loan from the Downtown Economic Development Fund to Vestcor Inc.
The company proposes to build "Lofts at LaVilla," a $22 million, 120-unit affordable housing development at Lee and Water streets near the Jacksonville Branch of the Federal Reserve Bank of Atlanta and the Prime Osborn Convention Center.
Vestcor plans to build affordable apartments that would be leased by Downtown workers and others whose annual salary is 80 percent or less of the state median income.
That calculates to about $49,000 or less for a family of four to qualify for the housing.
The loan, combined with another $270,000 from the Jacksonville Housing Finance Authority, represents the minimum required local government support for the project. That will allow Vestcor to apply for federal funds through the Florida Housing Finance Corp.'s Low Income Housing Tax Credit Program.
The loan approved by the authority has a 20-year term at 0 percent interest and no installment payments required.
If Vestcor ultimately does not receive the tax credit for the project, the city will not be liable for the loan.
Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=546252
What do I need to do to get 270k interest free with no payments?
^Propose an affordable housing project in downtown.
Here's a rendering. This project goes before the DDRB for conceptual review next week.
(http://photos.metrojacksonville.com/Development/LaVilla-Lofts/i-DTLn3PV/0/X2/20160421DDRB_Meeting%20Packetfinal_Page_119-X2.jpg)
(http://photos.metrojacksonville.com/Development/LaVilla-Lofts/i-Qk3PGfs/0/X2/20160421DDRB_Meeting%20Packetfinal_Page_128-X2.jpg)
What happened to the one closer to the courthouse? I drove by yesterday and nothing seems to be moving along.
/\ I was just asking the same question...
This is good if it happens. Let the spillover into LaVilla from Brooklyn begin! . . . . . hopefully.
I am not fan of concentrated poverty. It is almost like the 60's and 70's never happened. I would much rather the City mandate that 10% of all multi-unit residential be set aside for worker housing when pubic funds are used.
https://www.youtube.com/watch?v=xKgZM8y3hso
Quote from: Kerry on April 17, 2016, 04:40:41 PM
I am not fan of concentrated poverty. It is almost like the 60's and 70's never happened. I would much rather the City mandate that 10% of all multi-unit residential be set aside for worker housing when pubic funds are used.
https://www.youtube.com/watch?v=xKgZM8y3hso
Pubic funds? I think we know what you meant. I agree with you but maybe only after activity and demand goes up a little. At this point I don't think they should be too restrictive on the developer since LaVilla is mostly vacant residentially. Maybe if this one is successful start implementing that on future developments once some momentum is built. It's like starting a bonfire with wet wood, it's a delicate process and you want to help that spark turn into a flame. You don't put more wet wood on the fire until it gets going.
I doubt low-income housing is going to attract market-rate housing. I can't think of anywhere where that strategy has worked despite repeated attempts.
I wouldn't call this "low income housing". The targets are those with 80% of the state's median income - ie, families making $49,000. It's below average, but considering that most new housing (understandably) targets people with above average income, it's not like this is exactly HUD housing.
Vesctor's Lofts at LaVilla would be classified as an affordable housing project. It gets confusing to those that don't deal with these types of transactions everyday... but Fannie Mae basically lumps multfamily affordable housing financing into three categories:
*Low Income: Income no greater than 80 percent of area median income (Lofts at LaVilla falls under this category)
*Very-Low Income: Income no greater than 50 percent of area median income
*Small Multifamily: Income no greater than 80 percent of area median income for properties with between 5 and 50 units (this is a new category designed to help developers and investors that operate in a niche... this is particularly important in neighborhoods where building a 300 unit apartment building isn't financially viable, or in dense areas that have a legitimate affordable housing crisis whereas an investor can develop smaller parcels and still qualify for Fannie Mae/Freddie Mac affordable housing financing)
Vestcor's (the same developer for 11East and the Carling downtown) current bread and butter is affordable housing and senior living multifamily projects (both in Jax and statewide).
Frankly, this area of town has not had its fair share of deals that have received Low Income Housing Tax Credit financing in the past 10 years... coupled with the fact that the GSE's (IE Fannie and Freddie) have basically an unlimited cap on purchasing affordable housing multifamily loans that meet their underwriting criteria within these categories.. I think Vestcor has a better than good shot at going vertical with this project. That's a positive for LaVilla, Downtown and for housing costs in general.
Yeah, I think eventually when the gentrification finally hits DT Jacksonville we will be happy a few projects like this got in. Even if it is "low-income" it is 100% better than an empty lot. This a long with a booming Brooklyn, new JRTC (hopefully the pretty one) and that seven story 55+ housing, the area might attract some decent investment. Will it "blow up"? Probably not, but it will look much more attractive than it is now and the market-rate housing will come.
Quote from: Kerry on April 18, 2016, 09:54:47 AM
I doubt low-income housing is going to attract market-rate housing. I can't think of anywhere where that strategy has worked despite repeated attempts.
It doesn't necessarily work the other way either. If so, the area around Berkman Plaza would be booming - they turned dirt with luxury in 1999.
Like field said, I think that sometimes all income-restricted housing gets grouped into things like Eureka Gardens. Vestcor isn't known for operating things like Eureka Gardens, but developments like 11E and The Carling, two properties that they did a great job with.
I'm an advocate for a developer's track record (to a degree obviously). I haven't seen the site plan so I'll hold my full opinion until that happens, but I'd say that the dream of a high-rise upscale residential with solid retail and an excellent site plan are probably a little off for LaVilla at present. This is probably a little more in-tuned with the economic reality.
Also, assuming the site plan and building are good nothing says they can't go upscale down the road.
I believe that most if not all experts in revitalizing urban areas have used the phrase: "If you are good enough to work here, then you are good enough to live here". There needs to be a mix of housing options and low income (call it "workforce housing" if that sits better with you) needs to be a component in any urban community if you want it to be truly successful.