Alex Sifakis, president of JWB Real Estate Capital, announces a new program to help renters buy homes. Mayor Donna Deegan stands behind him on Wednesday, Nov. 13, 2024. | Dan Scanlan, Jacksonville Today
Published on November 13, 2024 at 3:19 pm
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An estimated 5,800 renters in Jacksonville could get help buying their first homes.
JWB Real Estate Capital on Wednesday announced its new HomeStep program, which will allow its tenants to earn equity to apply toward a home purchase. JWB says the program is the first of its kind in Northeast Florida.
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Under the program, renters can earn $100 in equity per month, up to a total of $3,600. Then they can apply the accumulated equity toward closing costs when buying any home through JWB Realty.
The program will help people move toward homeownership at a time when a lack of affordable housing remains an issue in Jacksonville, Alex Sifakis, president of JWB Real Estate Capital, said as the program was announced at Lift Ev’ry Voice and Sing Park.
“Every little bit helps when it comes to the affordable housing problem,” Sifakis said. “There’s no one solution. So every single new affordable home that gets built, new programs like HomeStep or the city programs that get created helps chink away at that problem.”
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One recent city program offered $2 million in down payment assistance for renters seeking home ownership. It closed after 100 applicants were either approved or moved into their new homes, Mayor Donna Deegan said.
Any step to help people get a home will ease the city’s twin crises of homelessness and affordable housing, Deegan said.
“The more affordable housing we build, the less pressure there will be on that other issue,” Deegan said. “It is very, very important that we continue this, and to have partners like JWB who are willing to come in and offer this much assistance to people who want to be first time homebuyers — that’s incredible. …. We need public-private partnerships. We need people who are invested in Jacksonville to come back and be a part of the solution on issues like affordable housing.”
Duval County has a shortage of 5,178 apartments right now, regardless of income level, according to the First Coast Apartment Association. The shortage is often larger for lower-income households. For people earning below $35,000 annually, the shortage is 34,157 units, the association’s website states.
The city has been working on projects to improve housing for lower-income residents. One collaboration between Ability Housing and the city provided help with deposits, furnishings and necessities for 25 chronically homeless people.
Another proposed program could have added 1,000 reasonably priced housing units in the city, but City Council removed it in August from Deegan’s proposed budget. Proponents said it would have attracted matching philanthropic investment to create housing more quickly.
As workers erected walls for a new JWB multifamily complex next to Lift Ev’ry Voice and Sing Park, Sifakis said the HomeStep program could fund up to $16 million in equity incentives if every renter takes part.
“We think this program will help hundreds of our residents become homeowners over the next few years. We have not put a number on how many this year,” he said.
People who rent at JWB properties now have access to free homebuyer education classes that offer information on how to secure financing and save for a down payment and and repairs. The classes also offer information on government and bank affordable housing grant programs and buying programs.
Program information is available at jwbhomestep.com.
