Jacksonville, FL, December 13, 2013? The Board of The Florida Housing Finance Corporation today approved an award of almost $10.8 million in affordable housing tax credits plus $4.5 million in state funds (including a $1.5 million developmental disability grant) for construction of The Arc Village, a planned neighborhood for adults with intellectual and developmental disabilities to be located near the intersection of Hodges and Beach Boulevards. These funds will be added to $2.4 million pledged in community philanthropy to secure the $17.7 million necessary for The Arc Jacksonville to move forward with The Village project. A gap of $4 million in additional philanthropy is needed to complete The Arc Village campaign. ?Groundbreaking for The Arc Village project is anticipated in late Spring 2014, and completion of construction is expected in Spring 2015.
The affordable housing tax credit program is governed by the U.S. Department of Treasury, under provisions of the Tax Reform Act of 1986 and the Internal Revenue Code.? Funds are allocated according to population to states for distribution.? The program in Florida is operated by The Florida Housing Finance Corporation (FHFC).? The Florida Housing board announced the award to The Arc Village project at their meeting in Orlando.
Private philanthropy raised during The Arc Jacksonville?s capital campaign ?silent phase? was critical to accompany the tax credit award and additional state grant funding in order to provide a total of an estimated $17.7 million necessary for initial construction and development for The Arc Village.? The additional $4 million being sought will fund furnishings for common areas, vehicles, equipment, core staff training, start-up operations and an endowment.
The Arc Jacksonville is a 501(c)3 nonprofit advocacy and assistance organization established in 1965 to serve adults with intellectual and developmental disabilities. Approximately 400 adults benefit daily from day programs, residential homes, young adult experiences and services in employment, mental health and behavior modification.