The JHFA was established under ordinance 2002-1314-E in compliance with Florida Statutes 159.601. The JHFA was created for the purpose of addressing affordable housing needs in the city of Jacksonville by stimulating the construction and rehabilitation of housing through the use of public financing. The JHFA is empowered to alleviate the shortage of affordable residential housing and to provide capital for investment in such facilities for low, moderate or middle income families and persons anywhere within the city of Jacksonville through the issuance of its revenue bonds (subject to legislative approval).
A five-member board appointed by the mayor and the City Council governs the authority.
Programs and Services
Bond issues - The JHFA issues tax exempt bonds to provide funds for below market rate mortgages.
The JHFA has also issued multifamily bonds to finance the construction or acquisition and rehabilitation of apartment complexes. Because the interest paid to the investors who buy these bonds is exempt from federal income tax, the interest rate on the mortgage to the developer is generally lower than conventional interest rates. More importantly, tax-exempt bonds bring automatic federal Housing Credits to each deal—providing private sector equity investment that makes the transaction economically feasible.
By federal law, developments financed through the issuance of tax-exempt bonds include a requirement that a certain percentage of units be set aside for specific percentage levels of the local area median income. The development is also required to remain affordable for a specific period of time.
The Jacksonville Housing Finance Authority is supported by the Housing and Neighborhoods Department.
To review associated organizing legislation, please click on the links below:
Florida Statutes 159.601 Part IV Housing Finance Authorities
Ordinance 2002-1314-E (DCHFA change to JHFA under the Jacksonville Housing Commission)
Ordinance 2006-356-E (Establishment of the Housing and Neighborhoods Department)
Ordinance 2007-839-E. Section 55.204 (Reorganization of the Housing and Neighborhoods Department)