Three affordable housing developments are set to receive investment from the city of Jacksonville following City Council approval of a $3.8-million, 20-year loan.
Council voted 13-1 on June 9 to grant the loan to Tracy Justina Ricker TC LLC, which 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.
Member Mike Gay voting no and members Raul Arias, Rory Diamond, Chris Miller, Jimmy Peluso and Ron Salem not present.
The total project cost of the units is estimated at $18.4 million, according to the legislation.
Under terms approved by Council, the loan is payable upon substantial completion of the project with a 1% interest rate and 20-year term.
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.