JACKSONVILLE, Fla. — Jacksonville’s Housing Finance Authority is asking the city for $100 million in bonds to continue helping more people buy their first homes.
The authority’s first-time homebuyers program has helped finance down payments, provided tax credits, and helped finance mortgages for nearly 15 years. Now, JHA says it needs the city’s approval to continue that work.
Through the program, JHA works to finance mortgages, provide tax credits, and fund renovations. The authority is hoping the city approves the $100 million bond request to help keep the program moving forward.
“The hundred million – it’s not money that’s not like coming from the city to the JHFA. It’s a way in kind of a convoluted way to get tax credits to provide to those first-time buyers,” Mark Hendrickson with the authority said.
Hendrickson said he has seen how useful the program can be, but rising interest rates and home prices have slowed down the number of people using it.
In 2018, the program saw its highest volume with 300 mortgages financed. At the time, the average price of homes was less than $150,000. Now, with that number around $240,000, things have slowed down.
“It was so much easier to get people into housing than it is today. Which makes these programs even more important,” Hendrickson said.
Despite the price hikes, Hendrickson said homeownership remains a strong path to building wealth for families.
“It’s a way for families to build generational wealth,” Hendrickson said.
The full City Council is expected to vote on the measure on the 19th.
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