JACKSONVILLE, Fla. – Ability Housing, a Jacksonville-based nonprofit developer of affordable housing, announced Wednesday the launch of a fund that will help boost its work in Northeast and Central Florida.
According to a release, the fund was possible thanks to an initial investment of $3.75 million from the Capital Magnet Fund (CMF), a grant program provided by the Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, and was leveraged with an additional $950,000 from the State of Florida.
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The Ability Housing Affordable Housing Fund will provide the nonprofit with low- or no-interest predevelopment loans — enabling the organization to maintain its current projects and increase its efforts to build affordable housing units for those in need in Northeast and Central Florida.
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The nonprofit’s goal is to expand the fund to $10.2 million, which is why it is actively looking for partnerships with foundations, banks, healthcare and educational institutions, and individual philanthropic investors. If that goal is met, the nonprofit said it would develop 2,235 additional affordable housing units by 2030.
“With a growing population across Florida, and new affordable housing resources available, it is imperative we have the flexible capital necessary to create more housing,” said Shannon Nazworth, President & CEO of Ability Housing. “Once fully capitalized, this fund will make us a more capable and efficient leader in the affordable housing sector. Several and varied organizations have already shown great interest in supporting this effort. Now more than ever, investments in solutions are critical to addressing the housing affordability crisis.”
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For information on how to contribute to the Ability Housing Affordable Housing Fund, contact Maureen Natkin, Development and Engagement Director for Ability Housing, at mnatkin@abilityhousing.org or 904-359-9650.