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JACKSONVILLE, FL-JHA Brentwood Development LLC, an affiliate of the 10-year-old Jacksonville Housing Authority, has broken ground on Brentwood Park Apartments, a $29.7-million, 328-unit community in the Springfield area, one of the city’s oldest neighborhoods.

Related Capital Co., an affiliate of New York-based CharterMac, is providing $15.7 million in equity for tax credits to be generated by the 21st Street project in the north-central section of the city. The federal Department of Housing and Urban Development’s Hope VI program is allocating $14 million to the venture.

“Jacksonville is one of the most affordable cities in Florida, but that affordability has made the city popular with developers rushing to break ground on new condominiums and investors eyeing condo conversions, both factors which are depleting existing rental apartment housing stock and leaving little in the way of quality affordable housing,” says Patrick Martin, managing director of Related Capital.

He notes 71% of all renters making 50% or less of the city’s median income report overcrowding and physical defects as a common problem in housing. “The new complex will provide some much needed respite to area residents,” Martin says.

The project’s 26 two-story, garden-style residential buildings will be targeted for families. The mid-rise building is reserved for elderly households whose occupants are at least 55 years old. The one-, two- and three-bedroom homes have an average 656 sf to 1,140 sf of living area. Rents for apartments that are unsubsidized begin at $500 per month.

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