New fund, seeded with a $3.75 million Capital Magnet Fund (CMF) Award, will fuel development of more affordable housing throughout Northeast and Central Florida
August 14, 2024 — Jacksonville, Fla. — Ability Housing, a Jacksonville-based nonprofit developer of affordable housing, today announced the formation of the new Ability Housing Affordable Housing Fund to bolster its work in Northeast and Central Florida.
The fund was seeded with an initial investment of $3.75 million from the Capital Magnet Fund (CMF), a grant program administered by the Department of the Treasury's Community Development Financial Institutions (CDFI) Fund and leveraged with an additional $950,000 from the State of Florida.
The fund will provide Ability Housing with low- or no-interest predevelopment loans, enabling the organization to maintain a robust pipeline of mission-aligned projects and accelerate the creation of affordable housing units for those in need in Northeast and Central Florida.
Ability Housing is actively seeking partnerships with foundations, banks, healthcare and educational institutions, and individual philanthropic investors to expand the fund to $10.2 million, which will support the organization's ambitious goal of developing 2,235 additional units of affordable housing by 2030.
“As a nonprofit, Ability Housing has operated in the same sphere as well-capitalized real estate companies for years. It is quite remarkable that we have achieved the growth and stability that has expanded our portfolio thus far. With a growing population across Florida, and new affordable housing resources available, it is imperative we have the flexible capital necessary to create more housing,” said Shannon Nazworth, President & CEO of Ability Housing. “Once fully capitalized, this fund will make us a more capable and efficient leader in the affordable housing sector. Several and varied organizations have already shown great interest in supporting this effort. Now more than ever, investments in solutions are critical to addressing the housing affordability crisis.”
The CMF Award is designed to confront the affordable housing crisis, specifically to produce affordable housing units for Very Low-Income (VLI) households that earn 50% or less of the Area Median Income (AMI). Organizations receiving CMF Awards are required to produce housing and community development investments at least 10 times the size of the award amount, generating a multiplier effect that means more low-income people and communities will benefit from housing options within their financial reach.
For information on how to contribute to the Ability Housing Affordable Housing Fund, contact Maureen Natkin, Development and Engagement Director for Ability Housing, at mnatkin@abilityhousing.org or 904-359-9650.
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About Ability Housing:
Ability Housing is an industry-leading not-for-profit multifamily rental housing developer dedicated to creating high-quality affordable housing. We invest in communities through properties that enhance their surrounding neighborhoods, improve each community’s quality of life, and connect residents with a network of voluntary support services.
For more information, visit AbilityHousing.org, like the organization on Facebook (facebook.com/AbilityHousing) and follow on X (@AbilityHousing).