JACKSONVILLE, Fla. — City of Jacksonville officials broke ground Monday on a new affordable housing complex on the Westside.
Parkwood Commons is the first development utilizing low-income tax credits. It adds 108 new housing units in the community.
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The project is a JWB Real Estate development in partnership with the City of Jacksonville, as it provided some gap funding. JWB presented this idea to the City of Jacksonville and together they made it possible.
This is a public-private partnership and JWB is building the communities on land it owns. It will own and manage the properties as affordable housing for 99 years.
All of the units will be priced at or below 60% of the area median income.
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That’s about $45,000 for one person or $65,000 for a family of four. The units are expected to be built by 2027, expanding into the Arlington area.
“It’s incredibly important! We hear over and over again not only in polls but in town halls and everywhere else that people are struggling with housing costs. And so we have been intentional from the time we got into this office of creating more and more affordable housing,” Jacksonville Mayor Donna Deegan said.
Parkwood Commons is an approximately $29 million project.
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