Welcome > Doing Business With Us > Doing Business with DIA > Residential Incentives > Multi-Family Housing REV Grant

The program, first adopted in 2014, is designed to facilitate residential development within Downtown, to stimulate economic growth, and to fulfill the Downtown population goals established by the CRA by filling the economic gap that exists between achievable rents/NOI, capital requirements, and development costs. In the case of this program, the financial gap has been established on a neighborhood or district basis in context of development costs, capital requirements, and current and projected rent-growth in combination with fulfilling other economic development goals, thereby eliminating the need for a financial gap analysis of projects that comply with the criteria below.

Based on recent market feasibility and economic analysis, it has been determined that this REV grant shall not exceed 50% for riverfront properties located between Riverside Avenue and the St. Johns River in Brooklyn and for properties located between Riverplace Blvd./Prudential Drive (the first road parallel to the river) and the St. Johns River on the Southbank (“Limited Incentive Areas”) unless additional rooftop restaurants/bars or waterfront retail beyond that required is included as described below. Further limitations are found under “REV Grant Factors” under Section A below.

  • The program provides for a recovery of a portion of the incremental increase in ad-valorem taxes, (“Annual Project Revenue”) on real and tangible personal property, which is produced as a result of the multifamily housing development.
  • Unless further restricted otherwise in this program, the maximum grant will be limited to 75% of the City/ County portion of the incremental increase in ad valorem taxes.
  • The maximum life of the REV grant will be 20 years from completion but in no event longer than the payment due in 2046 for the calendar year 2045 taxes payable in April 2046. (Duration exceeds the life of the applicable CRA’s).
  • The amount of the grant is determined by DIA based on the factors below, not based on applicant request or argued need.
  • Program eligibility: To be eligible for the program the development must develop at least 16 new multi- family rental housing units in Downtown.
    • The DIA will confirm compliance with the eligibility requirements and additional commitments made by the Developer with quarterly reviews of rent rolls and annual audits and additional monitoring as needed
  • Any DIA Multifamily Housing REV Grant application that contemplates demolition of a Historic Property (one having local landmark designation or identified as a contributing structure in the National Historic District or properties over 50 years old and determined to be historically and culturally relevant by the DIA Board in its sole discretion) shall lose a minimum of 10 percentage points from its REV calculation, and up to a maximum of 25 percentage points as further determined by the DIA Board in its sole discretion.

A. For Developments Adjacent to the St. Johns River or Riverwalk

The program provides for a recovery of a portion of the Annual Project Revenue, on real and tangible personal property, which is produced as a result of multi-family housing and related development within the DIA Boundary and immediately adjacent to the St. Johns River or Riverwalk.
The amount of the grant is determined by:
  • The amount of retail/office/commercial space included in a mixed-use development; and,
  • Density of housing along the waterfront identified.
  • Design factors identified below.
Based on recent market feasibility and economic analysis, it has been determined that this REV grant shall not exceed 50% for riverfront (adjacent to the Riverwalk or bulkhead with unobstructed river view) properties located between Riverside Avenue and the St. Johns River in Brooklyn and for properties located between Riverplace Blvd./Prudential Drive (the first road parallel to the river) and the St. Johns River on the Southbank (“Limited Incentive Area”) unless additional rooftop restaurants/bars or waterfront retail beyond that required is included as described below.

Conditions to eligibility for any level of REV Grant:
  1. Developer must make a substantial commitment to assume responsibility for, or contribute to, an organization (including, but not limited to, the City through the Parks Partnership Program) to provide for the development, maintenance, or programming in the adjacent public space. Examples of acceptable commitments may be assuming responsibility for maintenance of the adjacent Riverwalk, or funding the same, for the life of the REV, donating a major piece of art to the park, or construction of a playground or sport court, etc. Commitments will be evaluated by DIA staff to determine materiality and consistency with the intent of this section. A one-time up- front commitment valued by DIA at not less than 3% of minimum total Private Capital Investment of the Developer used in calculation of the REV shall be deemed material however other values and payments over time may be considered material as described in the Structuring the Deal section of the BID.
  2. In any mixed-use residential or multi-family housing development immediately adjacent to the St. Johns River or Riverwalk, ground level restaurant or bar space that actively engages the waterfront and/or Riverwalk shall be provided of not less than:
    1. 3,000 square feet or 10% of the leasable residential square footage, whichever is greater, capped at a requirement of 5,000 square feet; and
    2. No less than 50% of the riverfront ground level building façade linear frontage; and
    3. No less than 50 feet in depth off the riverfront façade of the building.
    4. Higher level spaces above ground floor may be approved by the DIA Board in unique circumstances where the ground level of the building is not at the same grade as the Riverwalk, and ready access by pedestrians as provided.
  3. In any mixed use residential or multi-family housing development immediately adjacent to the St. Johns River or Riverwalk, which development also has street frontage on the first street parallel to the river, (not including overpasses or ramps inaccessible by a driveway), no less than 30% of the ground level of the street frontage shall be retail directly accessible from the sidewalk, with an additional 20% of the frontage retail or activated space such as residential units with individual stoop entrances to the sidewalk, leasing offices, fitness centers, etc.
  4. The ground level of any structured parking garage associated with such project, facing any street or view and access corridor, must be wrapped except at points of entry and exit with one or more of the following: a) residential units with individual stoop entrances to from the sidewalk, resident amenity space (fitness center, community room, resident lounge, etc.), or commercial space, accessible from the sidewalk, or b) urban open space.
  5. All levels of any structured parking garage associated with such project and facing or visible from the waterfront or Riverwalk must be wrapped with one or more of the following to screen the garage from the public space: residential units, resident amenity space or commercial space.
  6. Developer must provide at no charge to the City, a permanent easement for public access for the Riverwalk trail system as contemplated by the Downtown Zoning Overlay. In the case of areas adjacent to Riverwalk segments constructed over water, the Developer must provide permanent public access easements and bridges connecting the Riverwalk to the upland development considered for incentive.
  7. Developer must provide at no charge to the City, the public View and Access corridor easements or dedications for public use in accordance with the Downtown Zoning Overlay.
  8. Applicant must commit to the minimum private capital investment based on projected development costs as finalized in negotiation with the DIA.
    1. Any deviation below the minimum will result in a pro rata reduction of the Maximum REV payable over the term.
    2. Any reduction of 10% or greater will result in forfeiture of the REV.
REV Grant Factors: The precise REV Grant size will be determined by the following factors:
  • 5% for every 50 units with a minimum average size of 500 square feet produced in Downtown Jacksonville adjacent to the St. Johns River or Riverwalk with a minimum density of 175 units/acre (maximum of 25%; however, properties within the Limited Incentive Area shall not be eligible for any points from the unit count); plus,
  • Up to 15% for the development of City-owned lazy / underutilized assets (maximum amount only if purchased at appraised market value without other incentives); plus,
  • 10% for each 2,500 square feet of ground level retail space or rooftop restaurant/bar accessible by the public directly from the river or Riverwalk and 5% for each 2,500 square feet of ground level office/ commercial space made available for lease to an unrelated third party accessible by the public directly from the river or Riverwalk (maximum of 20%, exclusive of restaurant percentage awarded below); plus,
  • 10% for each 1,500 square feet (beginning with 3,000 square feet in a single operation) of ground level waterfront, Riverwalk front, or park front restaurant(s) open weekends, and a minimum of six days per week, and two meal periods of each day of operations (maximum of 40%); plus,
  • Up to 15% for enhanced design and quality including unique architectural features and materials in the subject residential building(s) or any visible portion of an associated structured parking garage, or both, beyond minimum compliance with DDRB standards (to qualify for this factor, conceptual plans including exterior materials, must have received DDRB approval) plus,
  • Up to 15% total for the provision or utilization of shared use parking through one or more of the following:
    • 1% shall be available for each percent of new surface parking spaces or parking structure spaces at grade or on the ground floor that are dedicated to public use at all times (minimum 5 spaces to be eligible);
    • 5% shall be available for every 25 spaces made available on site for shared parking by off-site primary users;
    • 5% shall be available for every 25 spaces serving the residential development that are secured through off-site shared use arrangements; plus,
  • 2% for every 10 units provided with enhanced accessibility above the minimum requirements of the ADA and Fair Housing Act (maximum of 10%); plus,
  • 10% for each occupiable floor above seven (excluding any basement or rooftop amenity as a floor, maximum of 30%); plus
  • 10% for projects located in the Central Core District; plus,
  • Up to 10% for resiliency through one or more of the following:
    • Resilient Building Design – up to 5% for utilization of resilient building techniques, such as use of flood- proof materials on first floor/subsurface elements, elevation of critical assets (HVAC, generators, utility boxes, etc.) to above the first floor, and use of reflective materials on the roof to create a “cool roof”
    • Resilient Landscaping and Site Design – up to 5% for designing landscaping around residential building to address flooding and heat, including installation of catchment systems, bioswales or green infrastructure that can capture the first 1.5 inches of stormwater on-site or increasing tree canopy to twice the amount pre-construction
Properties located in the Limited Incentive Area may exceed the 50% limitation up to maximum of 75% by providing the following:
  • 5% for each 10% of riverfront ground level building façade linear frontage (above the minimum 50% required) that is devoted to ground level retail or restaurant/bar space accessible by the public directly from the Riverwalk.
  • 10% for a minimum 2,500 square foot rooftop restaurant/bar accessible by the public directly from the Riverwalk.
  • 10% for each 8 boat slips made available for transient use by the public for any time period which the restaurant and any other public spaces are also open for business.

B.  For Developments Adjacent to the Creek Front, or Adjacent to a City-Owned Public Park

The program provides for a recovery of a portion of the Annual Project Revenue, on real and tangible personal property, which is produced as a result of multi-family housing development within the DIA Boundary and immediately adjacent to McCoy’s Creek, Hogan’s Creek, (or the Emerald Trail adjacent to either creek) or a City owned public park.
The amount of the grant is determined by:
  • The amount of retail/office/commercial space included in a mixed-use development; and,
  • Density of housing along the waterfronts or park front identified.
  • Design factors identified below.
Conditions to eligibility for any level of REV Grant:
  1. Developer must make a substantial commitment to assume responsibility for, or contribute to, an organization (including, but not limited to, the City through the Parks Partnership Program) to provide for the development, maintenance, or programming in the adjacent public space. Examples of acceptable commitments may be assuming responsibility for maintenance of the adjacent Riverwalk, or funding the same, for the life of the REV, donating a major piece of art to the park, or construction of a playground or sport court, etc. Commitments will be evaluated by DIA staff to determine materiality and consistency with the intent of this section. A one-time up- front commitment valued by DIA at not less than 3% of minimum total Private Capital Investment of the Developer used in calculation of the REV shall be deemed material however other values relative to the size of the park and payments over time may be considered material as described in the Structuring the Deal section of the BID.
  2. In any mixed-use residential or multi-family housing development immediately adjacent to the Emerald Trail fronting either McCoy’s Creek or Hogan’s Creek, or adjacent to a City owned public park, ground level activated space that actively engages the creek, trail, or park shall be provided of not less than 30% of the trail or park front ground level building façade linear frontage.
    1. Activated uses will include, but are not limited to, retail, restaurant, or bar spaces that open directly to the creek, park, or trail; tenant amenity areas visible from the creek, park, or trail; and residential units with individual stoop entrances to the park, creek, or trail.
    2. Higher level spaces above ground floor may be approved by the DIA Board in unique circumstances where the ground level of the building is not at the same grade as the trail or park front, and ready access by pedestrians is provided.
  3. The ground level of any structured parking garage associated with such project facing the creek, park, or trail must be wrapped except at points of entry and exit with one or more of the following: a) stoop entrances to individual residential units, or b) resident amenity space (fitness center, community room, resident lounge, etc.), or commercial space, accessible from the street, or b) urban open space.
  4. Developer must provide at no charge to the City, a permanent easement for public access for the Creekside trail system as contemplated by the Downtown Zoning Overlay.
  5. Developer must provide at no charge to the City, the public View and Access corridor easements or dedications for public use in accordance with the Downtown Zoning Overlay.
  6. Applicant must commit to a minimum private capital investment based on projected development costs as finalized in negotiation with the DIA.
    1. Any deviation below the minimum will result in a pro rata reduction of the Maximum REV payable over the term
    2. Any reduction of 10% or greater will result in forfeiture of the REV
REV Grant Factors: The precise REV Grant size will be determined by the following factors:
  • 5% for every 50 units with a minimum average size of 500 square feet produced in Downtown Jacksonville adjacent to McCoy’s Creek, Hogan’s Creek, the Emerald Trail adjacent to either creek, or a City owned public park (maximum of 25%); plus
  • Up to 15% for the development of City-owned lazy / underutilized assets (maximum amount only if purchased at appraised market value without other incentives); plus,
  • 10% for each 2,500 square feet of ground level retail space (frontage must be equal to or greater than depth) or rooftop restaurant/bar accessible by the public directly from the street, park, trail, or creek (maximum 20%); plus,
  • 5% for each 2,500 square feet of ground level office/commercial space made available for lease to an unrelated third party and accessible by the public directly from the street, park, trail, or creek (maximum of 10%, exclusive of restaurant percentage awarded below); plus
  • 10% for each 1,500 square feet (beginning with 3,000 square feet in a single operation) of ground level creek front, trail front, or park front restaurant(s) open weekends, and a minimum of six days per week, and two meal periods of each day of operations (maximum of 40%); plus,
  • Up to 10% for enhanced design and quality including unique architectural features and materials in the subject residential building(s) or any visible portion of an associated structured parking garage, or both, beyond minimum compliance with DDRB standards (to qualify for this factor, conceptual plans including exterior materials, must have received DDRB approval) plus,
  • Up to 15% for the provision or utilization of shared use parking through one or more of the following:
    • 1% shall be available for each percent of new surface parking spaces or parking structure spaces at grade or on the ground floor that are dedicated to public use at all times.
    • 5% shall be available for every 25 spaces made available on site for shared parking by off-site primary users.
    • 5% shall be available for every 25 spaces serving the residential development that are secured through off-site shared use arrangements (maximum of 15%); plus
  • 5% for every 10 units provided for enhanced accessibility above the minimum requirements of the ADA and Fair Housing Act (maximum of 10%); plus
  • 10% for each occupiable floor above seven, where permissible, excluding any basement or rooftop amenity (maximum of 30%); plus
  • 15% for a project of not less than 50 units with a minimum average size of 500 square feet located in Cathedral or LaVilla District; plus
  • Up to 10% for resiliency through one or more of the following:
    • Resilient Building Design -- 5% for utilization of resilient building techniques, such as use of flood- proof materials on first floor/subsurface elements, elevation of critical assets (HVAC, generators, utility boxes, etc.) to above the first floor, and use of reflective materials on the roof to create a “cool roof”
    • Resilient Landscaping -- 5% for designing landscaping around residential building to address flooding and heat, including installation of catchment systems, bioswales or green infrastructure that can capture the first 1.5 inches of stormwater on-site or increasing tree canopy to twice the amount pre-construction

C. For Developments Not Adjacent to the River, Creek, or City Park

The program provides for a recovery of a portion of the Annual Project Revenue, on real and tangible personal property, which is produced as a result of multi-family housing development within the DIA Boundary and NOT immediately adjacent to the St. John’s River or Riverwalk, McCoy’s Creek, Hogan’s Creek (or the Emerald Trail adjacent to either creek), or a City owned public park.
The amount of the grant is determined by the number of units developed, plus:
  • The amount of retail/office/commercial space included in a mixed-use development; and,
  • Provision of housing in targeted districts.
  • Design factors identified below.
Conditions to eligibility for any level of REV Grant:
  1. In any mixed use residential or multi-family housing development not immediately adjacent to the river, McCoy’s Creek, Hogan’s Creek, Emerald Trail, or a City owned public park, no less than 30% of the ground level of the building linear street frontage on each street shall be activated space such as residential units with individual stoop entrances to the sidewalk, retail, office use, leasing offices, fitness centers for tenants, etc.
  2. Applicant must commit to a minimum private capital investment based on projected development costs as finalized in negotiation with the DIA.
    1. Any deviation below the minimum will result in a pro rata reduction of the Maximum REV payable over the term
    2. Any reduction of 10% or greater will result in forfeiture of the REV
REV Grant Factors: The precise REV Grant size will be determined by the following factors:
  • 5% for every 10 units produced in Downtown Jacksonville with a minimum average size of 500 square feet (maximum of 25%); plus,
  • Up to 15% for the development of City-owned lazy / underutilized assets (maximum amount only if purchased at appraised market value without other incentives); plus,
  • 10% for each 2,500 square feet of ground level restaurant/bar, retail space, or balcony/rooftop restaurant/bar accessible by the public directly from the street (maximum 25%); plus
  • 5% for each 2,500 square feet of ground level office/commercial space made available for lease to an unrelated third party and accessible by the public directly from the street (maximum of 15%); plus,
  • 5% for each 10% of activated linear front footage above the 30% minimum required per street frontage (maximum of 20%); plus,
  • Up to 10% for enhanced design and quality including unique architectural features and materials in the subject residential building(s) or any visible portion of an associated structured parking garage, or both, beyond minimum compliance with DDRB standards (to qualify for this factor, conceptual plans including exterior materials, must have received DDRB approval); plus,
  • Up to 15% for the provision or utilization of shared use parking.
    • 1% shall be available for each percent of new surface parking spaces or parking structure spaces at grade or on the ground floor that are dedicated to public use at all times.
    • 5% shall be available for every 25 spaces made available on site for shared parking by off-site primary users.
    • 5% shall be available for every 25 spaces serving the residential development that are secured through off-site shared use arrangements (maximum of 15%); plus
  • 5% for every 10 units provided in adherence to HUD maximum rent established and maintained at the 80% AMI level and/or enhanced accessibility above the minimum requirements of the ADA and Fair Housing Act (maximum of 10%); plus,
  • 10% for each occupiable floor above seven (excluding any basement or rooftop amenity) when developing on the Southbank outside the Limited Incentive Area, the Central Core or Sports and Entertainment Districts (maximum of 30%); plus,
  • 5% for every 25 units produced with a minimum average size of 500 square feet in Cathedral and LaVilla Districts, and Brooklyn District between Park Street and McCoy’s Creek (maximum of 20%); plus,
  • 10% for a project of 16-24 units produced with a minimum average size of 500 square feet in Cathedral and LaVilla Districts, and Brooklyn District between Park Street and McCoy’s Creek; plus,
  • 10% for a project of not less than 50 units located in Central Core District; plus,
  • Up to 10% for resiliency through on or more of the following:
    • Resilient Building Design – Up to 5% for utilization of resilient building techniques, such as use of flood- proof materials on first floor/subsurface elements, elevation of critical assets (HVAC, generators, utility boxes, etc.) to above the first floor, and use of reflective materials on the roof to create a “cool roof”
    • Resilient Landscaping – Up to 5% for designing landscaping around residential building to address flooding and heat, including installation of catchment systems, bioswales or green infrastructure that can capture the first 1.5 inches of stormwater on-site or increasing tree canopy to twice the amount pre-construction

Grant Process:

  1. Applicant to complete the Project Profile Assessment, any associated application, and provide additional project information as requested.
  2. The DIA staff would take the application from the prospective grantee, and make a recommendation based upon the DIA Multifamily Housing REV Grant program criteria above;
  3. The DIA Board would evaluate the staff recommendation and reject or adopt a resolution approving a grant amount and time frame to be documented by a Redevelopment Agreement agreed to by the Applicant and executed by the Applicant and DIA.
  4. City Council approval is not required for REV grants which comply with this program and DIA action is final.
  5. No Multifamily Housing REV grant utilizing CRA resources shall be authorized by the Board if it exceeds the term, amount determined pursuant to the criteria above, or otherwise fails to meet the program criteria described above.
  6. Each recipient of a DIA Multifamily Housing REV Grant must agree to promote Downtown activities and events organized by the City to its residents using electronic or static bulletin boards, newsletters, emails, and/or other standardized methods of internal communication.