A $3.8 million, 20-year loan to assist three affordable housing projects moved through two Jacksonville City Council committees beginning June 1.
Ordinance 2026-0386, introduced by Council members Ken Amaro and Tyrona Clark-Murray, advanced in the Neighborhood, Community Services, Public Health and Safety Committee on June 1 with a 5-0 vote and the Finance Committee on June 2 with a 6-1 vote, with member Rory Diamond voting no.
The loan to Tracy Justina Ricker TC LLC would be payable upon substantial completion of the project with a 1% interest rate and 20-year term.
The LLC says it would develop 35 apartment units on 1.81 acres on Tracy Road, 35 one-bedroom units on 1.61 acres on Justina Court and a 38-unit townhouse community on 3.22 acres on Ricker Road.
The total project cost is estimated at $18.4 million, according to the legislation.
Tracy Road is in Arlington near Terry Parker High School. Justina Court also is in Arlington, near Jacksonville University. Ricker Road is in West Jacksonville off 103rd Street.
Tracy Justina Ricker TC LLC received state funding previously for the same project. In February, Council approved the Jacksonville Housing Finance Authority’s issuance of bonds to pay up to $16.63 million to buy and develop the land for the project.
Additionally, legislation in the Florida Senate sponsored by Sen. Clay Yarborough, R-Jacksonville, would have given the company $750,000 in state funding, but the money was not approved.
The legislation is set for a full Council vote June 9.