As a strategy and use of the Foreclosure Property Registry funds, the City of Jacksonville will provide Appraisal Gap Financing to non-profit developers for the acquisition, rehabilitation or new construction and sale of vacant and/or REO homes in which the total development cost exceed the appraised value of the home.
Up to $50,000 in Appraisal Gap Financing will be made available to encourage real estate development in underserved communities and spawn new development opportunities in overlooked real estate markets.
Goals of the program are to:
- Aid in the elimination or prevention of slum and blight
- Provide quality affordable housing
- Spawn new development in underserved neighborhoods
- Benefit low and moderate income persons
- Generate new tax revenue
Applications for Appraisal Gap funding will be made through a Request for Proposals (RFP).
Expected release date for Appraisal Gap funding RFPs will be SPRING 2018.
For more information contact:
Robert Ownby, Neighborhoods Property Administrator