Jacksonville, Florida Home Builders Thriving Despite Economy
Five Jacksonville, Florida nonprofit community development corporations (CDC) have built or renovated 208 homes in the area north of Jacksonville's downtown. The new or completely renovated homes have been quickly bought up by low income home buyers looking for affordable, livable housing.
Amazingly, even though Florida leads the nation for delinquent mortgages and foreclosures, all of these homes were purchased by low-income borrowers who still live in the homes and have kept their mortgages in good standing.
The executive director of Local Initiatives Support Corp Jacksonville, Jonie Foster, says that revitalizing these neighborhoods in the ultimate goal. Her organization provides capital to the CDCs that they use to purchase and develop real estate.
People interested in purchasing a CDC home start by going to the Jacksonville Housing and Neighborhoods Department, which provides home ownership certification and referrals credit counseling. Buyers are assisted in creating a budget and counseled on the ongoing costs of maintaining a home. Buyers appreciate the process, and feel that there are no surprises once they get to the closing.
Milton and Kristen Torres were able to purchase a home near Jacksonville Municipal Stadium through the program, which allowed them to start their own small business; Pro-Motion Pedicab. The program also improves Jacksonville's tax base which in turn improves local government. Find out more about the five non-profit homebuilders that are revitalizing North Jacksonville at CDCs help revitalize area north of downtown Jacksonville.
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