Jacksonville, Fl — Standing where he once attended elementary school, Bank of America Jacksonville President Mark Bennett reflected on his first Field Day, and 100-yard dash.
Some-30 years later, Bennett was wearing a suit and dress shoes, standing in the dirt where Lake Forest Elementary once stood and will soon be transformed into affordable housing.
On Wednesday, Ability Housing broke ground on the Village at Lake Forest, a partnership with Duval Public Schools, Bank of America and the Community Foundation.
The new community at 901 Kennard Street will bring 120 affordable homes to the northside. The site has sit vacant since the school’s closure in 2019.
Funding for the $46 million development came from a mix of public and private sources.
The city provided a $4 million block grant. National Equity Fund provided a tax credit of $18 million.
Bank of America underwrote a $23 million construction mortgage.
“Affordable housing is probably one of those two pillars for us that we continue to invest in because we know how important that is.”, Bennett said.
In a first-of-its-kind agreement, Ability Housing will set aside 25% of the units for DCPS faculty and staff. And DCPS will operate an on-site early learning center.
Construction is expected to take around 18 months, and Ability Housing CEO Reggie Fullwood told WOKV News the agency is surveying other vacant school buildings around the community for potential future projects.
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