The Jacksonville Housing Finance Authority (the “Authority”) has a program (the “Program”) pursuant to which it provides financing for qualified multifamily housing developments (“Developments”) which meet the goals of the Authority and comply with applicable federal and state law through the issuance of obligations of the Authority (“Obligations”), the proceeds of which are loaned to entities participating in the Program (“Program Participants”). The Program has been undertaken by the Authority in order to alleviate the shortage of affordable housing available to persons and families in the City of Jacksonville, Florida and Duval County, Florida (the “County”) and any expanded area of operation (the “Area of Operation”); to generate affordable multifamily rental capital for investment; to stimulate economic development; and to create jobs. Each Development financed by the Authority, in whole or in part, will not interfere with, but rather will contribute to, the housing stock, housing market, and economic stability of the Area of Operation.
The Authority has adopted the following application procedures and guidelines (the “Guidelines”) setting forth the general requirements and procedures that apply to financing under the Program. All entities submitting applications (“Applicants”) must follow the Guidelines set forth herein. The Authority reserves the right to impose additional requirements on any particular Development and the Authority may waive specific provisions of these Guidelines where good cause is shown and adequate supporting documentation is provided, which waiver will always be at the sole discretion of the Authority. Compliance with these Guidelines does not and shall not guarantee an Applicant will be accepted into the Program or create any right by an Applicant to a commitment or assurance that the Authority will issue Obligations to provide the requested financing.
The Program includes the following basic stages as outlined in the Application and Guidelines:
- Submission of Application
- Recommendation by Financial Advisor and Selection by Authority
- Official Action of Authority (Inducement). Inducements are valid for one year
- TEFRA Hearing and TEFRA Approval. TEFRA approvals are valid for one year
- Document Preparation and Credit Underwriting
- Final Approval by Authority of Obligations and Acceptance of Credit Underwriting Report
- Closing
Click here to view the Multifamily Mortgage Revenue Bond Program Application.