The Reinvestment Fund, a Philadelphia-based organization focused on community development, will conduct an analysis of the Jacksonville real estate market to help guide future decisions about housing and community development by the City of Jacksonville, investors and developers.
At the request of the Jessie Ball duPont Fund, The Reinvestment Fund (TRF) will begin its Market Value Analysis of Duval County in fall 2014. The project should be completed in spring 2015.
TRF is one of the premier Community Development Financial Institutions in the country, with more than $650 million under management. In addition to investing in an array of community development activities, its policy solutions division provides a variety of assessments, evaluations and analyses to help communities make better-informed decisions when it comes to community development.
Its Market Value Analysis (MVA) is a tool designed to help private entities and government better understand the market dynamics of their communities and, therefore, make better decisions about resource allocation, priorities for service delivery and development strategies.
A Tool to Help Communities Make the Most Of Their Economic and Redevelopment Efforts
By examining the entire market, the MVA helps the public and private sectors better support sustainable growth in strong market segments and craft effective intervention strategies in weak market segments.
The MVA has been used in TRF’s hometown of Philadelphia, and TRF has conducted MVAs in a host of other communities, including Baltimore, New Orleans, St. Louis, Milwaukee and Camden, New Jersey. This will mark the first application of the MVA in a Florida community.
“We are pleased that TRF has agreed to do this work in Jacksonville and are eager to see the work unfold,” said Sherry Magill, president of the Jessie Ball duPont Fund. “It is our hope that the findings will prove useful as the City of Jacksonville and private investors look to address our housing and community development challenges.”
Representatives of TRF were among the guests at an April 2014 gathering of housing experts convened by the Jessie Ball duPont Fund. Participants at the meeting stressed the importance of good data in helping communities decide how to allocate scare resources.
“We have seen first-hand how communities such as Baltimore have used the MVA data to drive positive development in challenging markets,” said Mark Constantine, senior vice president of the Jessie Ball duPont Fund. “We are confident that Jacksonville and Duval County can reap similar benefits if the MVA is deployed to its potential.”