The following has been modeled after the Office of Economic Development REV Grant Incentive Program: 

  • The program provides for a recovery of a portion of the incremental increase in ad-valorem taxes, on real and tangible personal property, which is produced as a result of the multi-family housing development.  
  • The amount of the grant is determined by the number of units developed, plus
    • the number of those units set aside for workforce housing specific to Downtown Jacksonville(the “Downtown Northbank and Southside CRA”), the amount of green- space and cultural amenities the development provides,  and the amount of retail/commercial space included in a mixed use development.
  • Program eligibility:  To be eligible for the program the development must either (1) provide units for work force housing specific to Downtown Jacksonville, or (2) provide mixed income affordable housing.
    • To qualify a unit as workforce housing the unit must meet the following criteria:
      • Set aside for a resident earning < 150% AMI  (currently $66,450 for a household size of 1 person); and
      • The resident must work in Downtown Jacksonville; and
      • The project must set aside a minimum of 5% of the units for workforce housing to qualify under the workforce housing option.
    • To qualify as an affordable mixed income project the project must meet the following criteria:
      • Provide a minimum of 20% of the units as set aside for households with an income < 80% AMI; and
      • The project cannot have more than 40% of the units as set aside for households with an income < 80% AMI.
      • The project must also leverage at least one (1) additional affordable housing financing method, e.g., LIHTCs, Tax Exempt Bonds, SHIP Funds, HOME funds, etc.
    • 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.

REV Grant Parameters

The grant will be for an amount no greater than 75% of the City/County portion of the incremental increase in taxes for a fifteen (15) year period.  The precise REV Grant size will be determined by the following factors: 
  • 5% for every 20 units produced in Downtown Jacksonville (not to exceed a factor of 30%); plus
  • The % of total units set aside for Downtown workforce housing times 2 (not to exceed a factor of 20%); plus
  • The % of the total number of units set aside as affordable housing units (see definition above) times 0.5 ( not to exceed a factor of 20%); plus
  • 10% for a mixed use development with a minimum of 2,500 square feet of
    retail/office/commercial space; plus
  • 10% for the development of green space and amenities for residents; plus
  • 10% if the Developer documents they are working with an employer of Non-profit organization to provide other housing incentives for Downtown; plus
  • 10% for a project located in a DIA designated Strategic Housing Area (an “SHA”).

Grant Process

For Grant amounts at or below the 75% and for 15 years or less:
  1. The DIA staff would take the application from the prospective grantee, and make a recommendation based upon the MF REV Grant Factors;
  2. The DIA Board would evaluate the staff recommendation and pass a resolution approving a grant amount and time frame to be agreed to by the Applicant and the DIA as part of a Redevelopment and REV Grant Funding Agreement.
Or, for grant amounts above the 75%, or for a time period longer than 15 years:
  1. The DIA staff would take the application from the prospective grantee, and make a recommendation based upon the MF REV Grant Factors;
  2. The DIA Board would evaluate the staff recommendation and pass a resolution proposing the grant legislation be presented to the City Council;
  3. City Council would hear the DIA Board proposed legislation and after debate pass an ordinance with a grant amount and time frame to be agreed to by the Applicant and the DIA as part of a Redevelopment and REV Grant Funding Agreement.