Many affordable housing developers are already interested in using the fund, which leverages a proven model from other cities to finance an estimated $80 million in new housing
August 20, 2026 (Jacksonville, Florida) – A group of private and philanthropic investors today announced the launch of the $20 million Jacksonville Growth and Affordability Partnership Fund (Jax GAP Fund), an innovative loan fund designed to finance $80 million in new affordable multifamily rental housing in Jacksonville. The fund is uniquely designed to pilot a model that can be scaled up in Northeast Florida and nationwide through future investment from the private, philanthropic, and public sectors.
The Jax GAP Fund will offer low-cost loans to affordable housing developers to help fill gaps in 4 percent Low-Income Housing Tax Credit capital stacks and other projects. These tax credits are pivotal for developers to bring projects to fruition and preserve affordability in the units they build. The fund will also offer a short term acquisition-bridge product that can help affordable housing developers secure competitive property in high-demand neighborhoods. The Jax GAP Fund is already accepting applications from interested developers.
The launch is the culmination of more than five years of research and development led by private and philanthropic partners seeking solutions for the lack of affordable rental housing in Jacksonville. The partnership began when Northern Trust identified a proven loan fund model administered by Self-Help Ventures Fund, which has managed five similar funds in North Carolina. Northern Trust committed to be the lead investor to bring this model to Jacksonville. The Jessie Ball duPont Fund and The Community Foundation for Northeast Florida then co-designed the loan fund to meet Jacksonville’s specific needs, with a focus on creating a scalable model that can begin to address the magnitude of the affordable housing challenge.
“Northern Trust has made significant impact investments in communities across the country,” said John Donahoo, Senior Managing Director of the North Florida market for Northern Trust. “Based on that experience, we recognized the potential of this model emerging from Jacksonville and believed it could be an example for the country.”
The critical need for more permanently affordable rental housing is clear. Studies show the typical Jacksonville renter has been rent-burdened since 2011, spending over 30% of their income on housing and making it difficult to save for a home purchase. Households earning 50% or less of Area Median Income ($51,250 for a family of four) are finding rental homes hard to come by: for every 100 renters searching for housing within this income bracket, there are only 48 affordable units available, according to the University of Florida Shimberg Center for Housing Studies.
At the same time, the supply of these affordable units is constrained not by a lack of developer interest, but by a lack of financing: developers are proposing new affordable housing projects but facing a capital shortfall. For example, Duval County developers submitted more than $40 million in applications for gap financing from the Florida Housing Finance Corporation’s State Apartment Incentive Loan (SAIL) program in 2025, but only 20% of the projects were funded.
The Jax GAP Fund is among the first funds in Florida to create a community-based source of gap financing for developers interested in building affordable housing units.
“Meeting our community’s need for affordable housing is a complex challenge that can’t be solved by one investor or sector alone–cross-sector partnership is critical to creating durable, lasting change,” said Mari Kuraishi, President of the Jessie Ball duPont Fund. “The Jessie Ball duPont Fund is proud to stand alongside our private and philanthropic partners investing in the Jax GAP Fund, which represents one important strategy for strengthening the overall housing ecosystem in Jacksonville.”
Over the past five years, the Jax GAP Fund’s unique model generated significant interest from prospective investors across the private, philanthropic and public sectors, including the City of Jacksonville. In 2025, private and philanthropic investors fully capitalized a $20 million pilot to bring proof of concept to the model and support future investment by the public sector.
“The launch of the Jax GAP Fund is a starting place, not a finish line, in the race to meet our community’s need for affordable housing,” said Isaiah M. Oliver, President of The Community Foundation. “This significant milestone was made possible by the Jax GAP Fund’s investors, who believe in the important role of venture philanthropy to pilot solutions with the potential for scale.”
To capitalize this fund, Northern Trust made an anchor investment of $10 million, followed by $5 million from Jessie Ball duPont Fund and $3 million from The Community Foundation and its donors. The Community Foundation’s contributors included the Local Capital Pool as well as investments by private philanthropists: Nancy and Gary Chartrand, the DuBow Family Foundation, Grace M. Sacerdote through the Delores Barr Weaver TCF Staff Giving Fund, Margaret and Robert Hill, Jan and John Hirabayashi, Kimberly and Richard Sisisky, Dori and Bill Walton, Delores Barr Weaver, and an anonymous donor. An additional $2 million investment was made by Pinnacle Financial Partners.
“This investment reflects Pinnacle Financial Partners’ commitment to Jacksonville and the people, neighborhoods and local organizations that make this a great place to live,” said Bryan Taylor, Jacksonville regional president for Pinnacle. “This is our largest investment, and by providing much needed capital for Northeast Florida’s Jax GAP Fund, we’re helping families build financial stability, create a stronger foundation for wealth over time, and contribute to more resilient local economies for the future.”
As administrator of the Jax GAP Fund, Self-Help Ventures Fund will pool investors’ capital and make the low-cost loans to developers, as it has for five similar funds in the North Carolina communities of Wake County, Durham, Greater Greensboro, Chapel Hill, and Western North Carolina. As projects are completed and developers pay back their loans over a 20-year period, Self-Help will return capital to the investors, so that the original loan capital can be re-invested in the community.
“The partnership in Jacksonville has built upon a successful model to catalyze the development of new rental housing,” said Amanda Frazier Wong, President of Self-Help Ventures Fund. “We have already had significant interest from affordable housing developers – a positive sign that we are meeting a critical need and that shovels will be in the ground soon.”
Developers interested in accessing the fund can learn more at www.self-help.org/JaxGAP and contact Self-Help at MultifamilyLoans@self-help.org.
About the Jax GAP Fund Investors and Administrator
Northern Trust Wealth Management is a premier private bank serving affluent individuals and families, family offices, foundations and endowments, and privately held businesses. Northern Trust Wealth Management, which combines deep expertise with innovative technology and service excellence, had US$534 billion in assets under management as of June 30, 2026. The Northern Trust Company is an Equal Housing Lender. Member FDIC.
The Jessie Ball duPont Fund is a private foundation that works to expand access to economic opportunity and create vibrant places for the people, organizations and communities that Jessie Ball duPont knew and loved. We envision a world in which every member of those communities feels they belong, and is engaged in shaping the future of their community. We use our grantmaking, investments, research and partnerships to build stronger communities where all voices are heard and valued. Learn more at www.dupontfund.org.
The Community Foundation for Northeast Florida, (www.jaxcf.org), Florida’s oldest and one of its largest community foundations, works to stimulate philanthropy to build a better community. The Foundation helps donors invest their philanthropic gifts wisely, helps nonprofits serve the region effectively, and helps people come together to make the community a better place. Now in its 62nd year, the Foundation manages more than $809 million in assets as of 12/31/2025 and has made more than $925 million in grants since inception.
Pinnacle Financial Partners, Inc. (“Pinnacle”) is a $129.1 billion asset regional bank which provides a full range of banking, investment, trust, mortgage and insurance products and services for commercial and consumer clients who want a comprehensive relationship with their financial institution. The firm joined forces with Synovus Financial Corp. in 2026, bringing together more than 160 years of combined banking service. Pinnacle is the largest bank headquartered in Tennessee and the largest bank holding company headquartered in Georgia. The firm is No. 1 in deposit market share* in the Nashville MSA and No. 4 in the Atlanta MSA with offices in Tennessee, Georgia, Florida, North Carolina, South Carolina, Alabama, Kentucky, Virginia and Maryland. Pinnacle is an employer of choice for financial services professionals. The firm is No. 12 in the Fortune 100 Best Companies to Work For® in 2026, its 10th consecutive appearance. Pinnacle was also recognized by American Banker as No. 4 among America’s Best Banks to Work For in 2025, its 13th consecutive year on the list, and No. 1 among banks with more than $10 billion in assets. Learn more about Pinnacle at PNFP.com. *As of June 30, 2025, according to FDIC data.
The Self-Help Ventures Fund is a nonprofit 501c (3) loan fund capitalized with loans and grants from foundations, religious organizations, corporations and government sources. It manages Self-Help’s higher-risk business loans, real estate development and home loan secondary market programs. The Self-Help Ventures Fund is a part of the non-profit Center for Community Self-Help, a family of nonprofit organizations whose collective mission is to create and protect ownership and economic opportunity for all. For over 40 years, the national Center for Community Self-Help and its affiliates have provided more than $12 billion in financing to help more than 176,000 borrowers buy homes, start and grow businesses and strengthen community resources. For more information, please visit www.self-help.org
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Media Contacts
Jessie Ball duPont Fund
Melanie Cost
mcost@dupontfund.org
610-453-4153
The Community Foundation for Northeast Florida
Stephanie Garry Garfunkel
sgarfunkel@jaxcf.org
352-359-2393
Northern Trust
Landis Cullen
lc332@ntrs.com
Pinnacle Financial Partners
Tiffany Capuano
tiffany.capuano@synovus.com
404-403-8917
Self-Help Ventures Fund
Taylor Fountain
taylor.fountain@self-help.org