- The Program will provide a monthly subsidy of $200.00 per month.
- Towards the rental of a unit located in the Jacksonville Downtown area (Downtown Northbank or Southside CRA).
- The subsidy can be renewed annually for 2 additional years if the recipient remains qualified, for a maximum term of 3 years of subsidy.
- The program will act as a rental voucher.
- The tenant will provide the voucher to the rental owner/property manager.
- The Property Manager will request the payment on the voucher for the incentivized unit.
- The payments will be made quarterly in arrears.
- The Property Manager will receive 105% of the rental voucher amount reflecting the lost time value of the payment and as an incentive to accept the voucher program. 45
Prospective tenants will need to apply to receive a “pre-approval “letter which they can take to Downtown rental properties demonstrating the subsidy commitment from the DIA and the time remaining on their subsidy clock. To qualify the recipient must document that they meet the following criteria:
- Have not have lived in the Jacksonville Downtown area in the past 2 years
- Have a household income < 150% of the Jacksonville AMI (currently $66,450 for a household size of 1 person in the Jacksonville MSA)
- Are employed in the Downtown Jacksonville area (Downtown Northbank or Southside CRA) if seeking the $50.00 workforce housing bonus amount.
- An additional $50.00 bonus per month can be received if the rental unit is located in a DIA designated Strategic Housing Area (an “SHA”).
The recipient will also need to meet the following requirements between “pre-approval” and the actual payment on the voucher incentive:
- Provide proof of an executed residential lease located in Downtown Jacksonville.
- Execute a funding agreement with the DIA, recognizing among other item: noncompliance with the program may result in the DIA taking action to recapture and recover any unqualified subsidy provided (including collections and attorney’s fees); and that termination of the recipients subsidy will not affect the requirements under the lease for the unit with the landlord that full market rent on the unit must be paid.
Funds will be provided on a first come first served basis until exhausted.
DIA will market the program to the development and apartment management community in an effort to create programmatic buy in, and to better estimate the appropriate size of the program.
The DIA will seek out employer matching funds from companies with a substantial workforce located in Downtown Jacksonville to help reduce the outlay of DIA funds.