{"id":1043270,"date":"2026-09-04T17:21:10","date_gmt":"2026-09-04T17:21:10","guid":{"rendered":"https:\/\/www.europesays.com\/us\/1043270\/"},"modified":"2026-09-04T17:21:10","modified_gmt":"2026-09-04T17:21:10","slug":"jacksonvilles-new-20m-housing-fund-could-unlock-400-affordable-units-heres-how","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/1043270\/","title":{"rendered":"Jacksonville\u2019s new $20M housing fund could unlock 400 affordable units. Here\u2019s how"},"content":{"rendered":"

JACKSONVILLE, Fla.<\/strong> \u2013 Jacksonville has a new $20 million source of financing aimed at getting more affordable housing projects off the ground and just two weeks after its launch, developers are already seeking access to the money.<\/p>\n

But the fund is not a check being handed to developers. The first projects are still going through underwriting, and the organization managing the fund says it hopes some of those deals can reach closing by the end of this year and move into construction early next year.<\/p>\n

The Jacksonville Growth and Affordability Partnership Fund, known as the Jax GAP Fund, launched Aug. 20 as a partnership between private investors, philanthropic organizations and Self-Help Ventures Fund, a community development financial institution.<\/p>\n

RELATED | Local groups unveil $20M Jax GAP Fund to spur $80M in affordable housing<\/b><\/a><\/p>\n

Unlike city incentives or other taxpayer-funded programs, the $20 million is being used as a private lending pool for affordable housing developers.<\/p>\n

The money will be used to make low-cost loans to affordable housing developers, helping projects that already have financing in place but still cannot close their funding gaps.<\/p>\n

Amanda Frazier Wong, vice president of Self-Help Ventures Fund, said the need for another source of financing is growing as construction costs continue to rise.<\/p>\n

\u201cThere are federal, state, and city incentives that support affordable housing development, but one of the things that\u2019s been happening over the past number of years is that construction costs are increasing more quickly than incomes are in Jacksonville and Duval and many places around the country,\u201d Wong said.<\/p>\n

Wong said traditional sources of affordable housing funding are no longer enough to make some projects financially viable.<\/p>\n

Where the $20 million comes from<\/b><\/p>\n

The fund is backed by four primary investors:<\/p>\n