Foundation invests $1.9M in affordable housing in Duval, St. Johns

The Community Foundation for Northeast Florida has invested $1.9 million in low-cost loans to help create and preserve affordable housing in Northeast Florida.

The impact investments were made from the Local Capital Pool, an investment option for fundholders at the foundation that has now invested or committed more than $7 million to support affordable housing and small business growth since 2022. The low-cost loans provide below-market rate financing to nonprofits, allowing for a social return as well as a return of capital, which allows future nonprofits to benefit from the same recycled funds.

The three investments will support affordable housing in Duval and St. Johns counties through distinct and equally important strategies: the creation of new housing and the preservation of existing affordable homes.

“Affordable housing is essential for strong neighborhoods in Northeast Florida, and both home ownership and affordable rental properties play an important role,” said James Coggin, senior director of grantmaking and impact investing. “We’re grateful to our nonprofit partners, whose hard work is creating opportunities to invest.”

The loans include:

• $1 million to First Coast Habitat for Humanity — The loan will provide financing for RiverBank Estates, a new community of 12 affordable homes located at the intersection of Trout River Boulevard and Frankella Road. First Coast Habitat for Humanity has helped more than 2,300 Jacksonville-area families achieve the dream of home ownership for 37 years. As a new subdivision, RiverBank Estates uses a proven model of developing homes in a cost-efficient manner within an urban setting. As part of this investment, The Community Foundation attended Habitat for Humanity’s recent groundbreaking with other investors.

• $550,000 to St. Johns Housing Partnership — The loan to the St. Johns Housing Partnership (SJHP) will help preserve and rehabilitate 16 single family rental properties serving low-income families in St. Johns County. Founded in 1998, SJHP is a nonprofit based in St. Augustine that develops and preserves quality housing for low- and moderate-income residents, including the elderly, disabled and veterans. The loan will allow SJHP to refinance its rental housing portfolio, ensuring the nonprofit can continue owning and offering these properties as affordable rentals.

• $350,000 to the Jacksonville Community Land Trust — The loan to the Jacksonville Community Land Trust will facilitate the construction of as many as eight affordable homes for ownership. The Jacksonville Community Land Trust uses a nationally recognized model that allows income-eligible households to purchase the home while the land is held in trust under a long-term, renewable ground lease, allowing families to build equity and stability, while permanently protecting affordability.

These investments are aligned with The Community Foundation’s Supporting Neighborhoods initiative, which has grown from a grantmaking program focused on urban core neighborhoods to a broader approach that includes impact investing as well as grantmaking to neighborhood organizations across the six-county Northeast Florida region.

The Community Foundation for Northeast Florida (www.jaxcf.org), Florida’s oldest and one of its largest community foundations, works to stimulate philanthropy to build a better community. The foundation helps donors invest their philanthropic gifts wisely, helps nonprofits serve the region effectively, and helps people come together to make the community a better place. Now in its 62nd year, the foundation manages more than $809 million in assets and has made more than $925 million in grants since inception.