The Jacksonville City Council approved a $5 million, low-interest loan to The Vestcor Companies Inc. to help finance Madison Palms, a 240-unit affordable housing apartment community along Merrill Road in Arlington.

Council approved loan agreement Wednesday by a 19-0 vote.

The estimated $56.5 million project at 8300 Merrill Road near Merrill Road Elementary School and Interstate 295 would be mixed-income, according to the legislation and a project summary from the city Office of Economic Development.

Read the rest of this story at the Jacksonville Daily Record, a Jacksonville Today news partner.