A former elementary school property is being redeveloped into 120 affordable homes in Jacksonville, Florida.
Led by nonprofit Ability Housing, the development will provide housing for residents earning up to 60% and 80% of the area median income. Twenty-five percent of the units will be reserved for Duval County Public Schools (DCPS) faculty and staff, creating a vital resource to support recruitment and retention.
“Village of Lake Forest is an exceptional example of true collaboration between engaged citizens, the school district, and a nonprofit developer focused on changing lives through housing,” said Reggie Fullwood, CEO of Ability Housing. “We are transforming this long-dormant campus into a thriving community asset that will provide quality, affordable homes for working families and educators, and an enriching environment for our youngest neighbors to take their first educational steps.”
Officials recently broke ground on the development at the site of the Lake Forest Elementary School, which has been vacant since the school closed in 2019.
To further honor the site’s past, DCPS will operate an on-site early learning center that will be available to families living at Village at Lake Forest as well as the surrounding neighborhood.
“Redeveloping the former Lake Forest Elementary site into quality affordable housing with an early learning center is a meaningful way to reimagine its service to the public,” said Jim Culbert, chief operations officer of DCPS. “When students, families, and educators call the same neighborhood home, the entire community benefits. We’re proud to partner with Ability Housing on this project, which will help Team Duval continue to attract and retain the highest quality professionals to serve our students every day.”
Funding for the $46 million development has been secured through a variety of public and private sources:
- Bank of America is underwriting a $23 million construction mortgage;
- National Equity Fund is providing approximately $18.1 million in low-income housing tax credit equity;
- Community Preservation Corp. is underwriting a $10 million permanent mortgage; and
- Local support comes from the city of Jacksonville through a $4 million Community Development Block Grant and a $2.5 million HOME loan; $2.5 million in financing from the Jacksonville Housing Finance Authority; and a $500,000 impact investment from The Community Foundation for Northeast Florida through its Local Capital Pool.
Construction is anticipated to take 18 months. Project partners include architect PQH, general contractor Elkins Construction, and civil engineer Kennedy Civil Services.