Three properties in Arlington are getting a major facelift. The renovations aren’t intended to increase property value for profit but instead aim to house veterans experiencing homelessness and keep rents affordable for those who need it.
Community Solutions, a national nonprofit organization working toward a lasting end to homelessness, embarked on its first project in Northeast Florida — rehabilitating 133 units in the Arlington neighborhood to serve homeless veterans. The nonprofit does not rely on federal or low-income housing tax credits like most affordable housing projects; instead, it raises money from impact investors who are willing to take below market returns in exchange for helping reduce homelessness.
For its rehabilitation project in Jacksonville, Community Solutions was introduced to the Community Foundation and its Local Capital Pool — an investment option for donors through which it makes low-cost loans to expand affordable housing and capitalize small businesses in Northeast Florida. That capital pool gave Community Solutions a $1 million loan, allowing this housing project to come to fruition.
“This money is really hard to find, and so I think that when we can find this sort of money in a community, it does allow us to bring the money in,” said Dave Foster, Community Solutions head of real estate. “The project would not have happened or certainly wouldn’t have happened at this scale if we didn’t have that support. I don’t know where else we would have gone for this money.”
