JACKSONVILLE (Jan. 30, 2024) – The Jacksonville Housing Authority Board of Commissioners has approved the issuance of up to $47 million in general revenue bonds to pay for the acquisition and rehabilitation of multifamily housing units for residents of moderate, middle and low income.
This is the first time the authority is selling bonds to finance new projects. As part of its plans to issue debt, JHA received an A+ credit rating in late 2022 from S&P Global Ratings based on the authority’s stable outlook and experienced management.
“This is very exciting for JHA and the city of Jacksonville, as we deliver more much-needed affordable housing units,” said JHA Vice Chair Heather Horovitz. “Today’s vote by the board is the culmination of a lot of hard work by staff and our consultants.”
The bond financing will be used to acquire and renovate the 256-unit Westwood Apartments at 1171 Lane Avenue South.
“This is a significant development for the Jacksonville Housing Authority,” said JHA CEO Dwayne Alexander. “Public housing authorities are going to need to look for new ways to finance the acquisition of new housing stock if we want to meet the growing need for safe and affordable homes for our low- and moderate-income families.”
Established in 1994, JHA provides approximately 2,000 public housing and 1,000 affordable housing units to low- and moderate-income residents in developments and scattered sites around Jacksonville. JHA also administers about 8,500 housing choice vouchers. In addition, JHA administers several resident service programs, including homeownership programs, career training and self-sufficiency programming.
Over the past several years, JHA has increased participation in the U.S. Department of Housing & Urban Development’s (HUD) Rental Assistance Demonstration, or RAD, program. The RAD program allows JHA to leverage grants, as well as private and other capital sources, to fund needed property improvements
The Jacksonville Housing Authority (JHA) was created in 1994 to fill the need for a more effective community service oriented public housing agency. The Board of Directors consists of seven members who are appointed by the Mayor. These seven members have a strong record of success in private sector process and work hard to build a better future for the local Jacksonville community. For more information, visit www.jaxha.org.