JACKSONVILLE, Fla. — Self-Help Ventures Fund, part of the nonprofit organization that also operates Self-Help Credit Union, will administer a new $20 million loan fund designed to help finance an estimated $80 million in affordable multifamily housing in Jacksonville, according to Dealroom.
The Jacksonville Growth and Affordability Partnership Fund, known as the Jax GAP Fund, began accepting applications this week from affordable housing developers, Dealroom reported.
The fund is backed by a coalition of private and philanthropic investors and will provide low-cost financing intended to close funding gaps that can prevent affordable housing projects from moving forward.
Northern Trust Commits $10 Million
Northern Trust is the largest investor, committing $10 million to the fund, according to Dealroom. The Jessie Ball duPont Fund contributed $5 million, while The Community Foundation for Northeast Florida and its donors provided $3 million. Pinnacle Financial Partners invested the remaining $2 million.
Self-Help Ventures Fund will pool the investors’ capital and make loans to developers. The nonprofit has administered five similar funds in North Carolina, including programs serving Durham, Wake County and Chapel Hill.
The Jacksonville fund will primarily help developers fill financing gaps in projects using 4% Low-Income Housing Tax Credits. It also will provide short-term acquisition bridge loans intended to allow developers to move quickly when properties become available in high-demand neighborhoods.
20-Year Repayment Schedule
Developers will repay loans over a 20-year period, allowing the capital to be returned to investors and potentially reinvested in additional affordable housing projects, Dealroom reported.
The fund comes as Jacksonville and Duval County face a shortage of affordable rental housing and developers struggle to secure enough financing for proposed projects.
Duval County developers sought more than $40 million in gap financing through Florida’s State Apartment Incentive Loan program in 2025, but only about 20% of the projects seeking funding received it, according to Dealroom.
Jacksonville renters have been considered cost-burdened since 2011, meaning they spend more than 30% of their income on housing, according to the report.
Just 48 Units Available
The shortage is particularly acute for lower-income households. Among households earning 50% or less of the area’s median income — about $51,250 for a family of four — there are only 48 affordable rental units available for every 100 renter households needing one, Dealroom reported, citing data from the University of Florida’s Shimberg Center for Housing Studies.
The Jax GAP Fund grew out of more than five years of work by Northern Trust, the Jessie Ball duPont Fund and The Community Foundation for Northeast Florida to adapt an affordable housing financing model already used in North Carolina.
The revolving structure is intended to stretch the initial $20 million investment by allowing repaid capital to be used again for future projects.
About Self Help
Self-Help Ventures Fund is part of the Center for Community Self-Help, whose affiliates include lthe $2.17-billion Self-Help Credit Union and Self-Help Federal Credit Union. The organization focuses on providing financing and financial services to underserved communities.
