JACKSONVILLE, Fla. — The City of Jacksonville has launched a new initiative aimed at expanding homeownership opportunities for very low-income residents through the SHIP Single-Family Development Program.
City officials said the program will initially fund the construction of 10 affordable single-family homes and provide eligible buyers with down payment assistance to help purchase them.
The initiative uses State Housing Initiatives Partnership (SHIP) funds to offer short-term construction loans to nonprofit developers. Those loans will be repaid at closing, allowing the city to reuse the funds for future housing projects through a revolving loan model.
Under the program, homes will be available to buyers earning at or below 50% of the Area Median Income. That equates to about $35,900 annually for a single-person household or $51,250 for a family of four.
Mayor Donna Deegan said the program is designed to create new pathways to homeownership and long-term financial stability.
“We’re excited to increase affordable homeownership opportunities in Jacksonville and create new pathways for families to build generational wealth,” Deegan said.
Housing and Community Development Division Chief Travis Jeffrey said the revolving loan structure will allow the city to continue producing affordable housing beyond the initial phase.
“By leveraging short-term construction loans that are repaid at closing, the city will create a continuous pipeline of new homes for families who need them most,” Jeffrey said.
Officials said the program aims to increase affordable housing supply, promote homeownership, and strengthen neighborhoods through new construction and increased owner occupancy.
Funding for the program comes from a $2 million allocation approved by the Jacksonville City Council in February, including $1.5 million for construction loans and $500,000 for down payment assistance.
The city is currently preparing a request for proposals to select developers for the project.