Grants Approved for Jacksonville Affordable Housing

Fortunately for those making below the median income level, projects focused on affordable hosuing in Jacksonville are underway.

With median prices rising in the city, it was a welcome course of action when the Federal Home Loan Bank of Atlanta awarded more than $20.9 million in grants and subsidies to fund 68 affordable housing projects in 12 states and the District of Columbia. Including Jacksonville.

The projects include the Whispering Woods apartments in Fernandina Beach and a home ownership program in Putnam County. Those applying for a Florida mortgage loan with these complexes in mind should be in for a deal.

The Whispering Woods apartments will get a $500,000 grant and a subsidized $1.1 million loan through BB&T Co. for the construction of 24 units targeted for low-income seniors in Fernandina Beach.

Putnam County Homeownership will use a $500,000 grant to build 12 single-family homes for first-time home buyers in Palatka.

A total of $6.9 million in grants was awarded in Florida for 669 housing units.

The awards were part of $40.2 million in grants and subsidies Federal Home Loan Bank of Atlanta provided in 2006 to create or preserve more than 6,000 units of affordable housing. The bank awards the funds twice a year to member financial institutions and their community housing partners.