Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Loan approved for affordable housing in Arlington

The Vestcor site is west of Interstate 95 across from Merrill Road Elementary School.
Jacksonville Daily Record
The Vestcor site is west of Interstate 95 across from Merrill Road Elementary School.

The Jacksonville City Council approved a $5 million, low-interest loan to The Vestcor Companies Inc. to help finance Madison Palms, a 240-unit affordable housing apartment community along Merrill Road in Arlington.

Council approved loan agreement Wednesday by a 19-0 vote.

The estimated $56.5 million project at 8300 Merrill Road near Merrill Road Elementary School and Interstate 295 would be mixed-income, according to the legislation and a project summary from the city Office of Economic Development.

Read the rest of this story at the Jacksonville Daily Record, a WJCT News partner.