JACKSONVILLE, Fla. – With affordable housing still a key issue in Jacksonville, JWB property management unveiled a new program Wednesday aimed at helping renters move closer to homeownership.
The HomeStep program was unveiled Wednesday morning at a news conference at Lift Ev’ry Voice and Sing Park on Lee Street.
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“The JWB HomeStep program is a fantastic example of a creative solution to what has become just the challenging issue of our times, really, and in this case, a path to homeownership,” Mayor Donna Deegan said.
JWB President Alex Sifakis said the HomeStep program empowers renters by allowing them to convert a portion of monthly rent into equity credits, providing a path toward purchasing a home.
Here’s how the program works:
- JWB renters are eligible to get $100 a month toward buying a home
- Then, that money goes into an account and is available when those residents are ready and able to buy a home
- The maximum residents can earn is $3,600 (over a three-year period)
- Residents can then use that money to buy a home. The home doesn’t have to be JWB-owned. However, residents do need to use JWB Realty as their realtor.
Sifakis said that if all JWB residents were to take advantage of this program, the company would ultimately contribute $16 million toward homeownership.
“Homeownership is really important to building neighborhoods, to building generational wealth and so we want to be more of a part of that. And we think this HomeStep program is the first of its kind in Jacksonville, and will really help our residents become homeowners,” Sifakis said.
Sifakis said JWB also offers free homebuyer education classes for all of their residents. Those classes are focused on credit repair, getting finance, saving for a down payment and saving for repairs. They also help residents and future homeowners understand all the different government and bank affordable housing grant programs and buying programs.
“We’re really excited about that, and we’re going to be holding five more of these classes for our residents, free classes for residents in 2025 and we’re really excited to be able to add the HomeStep program as a new additional benefit to those residents,” Sifakis said.
Deegan said Jacksonville has a deficit of 40,000 affordable housing units to support the community’s current needs, and programs like HomeStep will help alleviate the housing crisis.
“My vision for Jacksonville is, as it always has been, a city where every person, every single one of us, has the opportunity to thrive, and homeownership is one of the ways for our citizens to lead happy, healthy and prosperous lives,” Deegan said. “JWB’s HomeStep program is another step on the road toward that goal.”
Earlier this year, Jacksonville launched a homeownership pilot program providing $2 million in local funding for downpayment assistance to support individuals and families as they move from renting to homeownership.
Deegan said 100 applicants have been either approved or have already closed and moved into their new homes.
MORE | Jacksonville program aims to help 200 people with down payment assistance for homeownership
“This illustrates really how great the need and the desire is, and it shows that no matter how hard we work to tackle the issue, we cannot do it alone,” Deegan said.
Jacksonville will have nearly 4,000 below-market-rate housing units completed by the end of 2025, according to Deegan.
To learn more about the HomeStep program visit this website.