JACKSONVILLE, Fla. — The City of Jacksonville is launching a new program to expand affordable homeownership for very low-income families.
The SHIP Single-Family Development Program will start by building 10 homes.
Eligible buyers must earn at or below 50% of the area’s median income, about $35,900 for one person or $51,250 for a family of four.
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The city will use State Housing Initiatives Partnership (SHIP) funds to provide short-term loans to nonprofit developers to build the homes.
Buyers will also receive down payment assistance.
Once the homes are sold, the construction loans will be repaid to the city and reused for future housing projects, creating a revolving funding source.
City Council approved $2 million for the program, including $1.5 million for construction loans and $500,000 for down payment assistance.
The city is now finalizing a request for proposals to select developers for the project.
Click here to learn more about Jacksonville housing programs.
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