As a strategy and use of the Foreclosure Property Registry funds, the City of Jacksonville will provide Appraisal Gap Financing to 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
The Neighborhoods Department is now seeking proposals for single family new construction and/or the rehabilitation of existing single family housing developments, in need of up to $50,000.00 in appraisal gap financing to complete the single family housing projects and provide affordable housing in Duval County.
For more information contact:
Robert Ownby, Neighborhoods Property Administrator