Developer seeks $5 million city loan for affordable housing community
The Vestcor Cos. Inc. multifamily developer has asked the city for a $5 million, low-interest loan to build a 240-unit affordable housing apartment community in Arlington along Merrill Road.
The estimated $56.5 million project at 8300 Merrill Road near Merrill Road Elementary School and Interstate 295 would be mixed-income, which a project summary from the city Office of Economic Development says would add to Jacksonville’s limited supply of affordable housing.
City Council introduced Ordinance 2022-0784 on Oct. 11 that would approve the 17-year, $5 million loan at 1% interest.
Read the rest of this story at the Jacksonville Daily Record, a WJCT News partner.