ABOUT US

     The Towers of Jacksonville, Inc. is a Florida not-for-profit corporation established in 1968 to construct and manage a residential community in Jacksonville for seniors of modest income. The corporation was accorded 501(c)(3) tax-exempt status by the Internal Revenue Service.

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History of the Towers

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     Originally named Baptist Towers, Inc., the corporation was the brainchild of pastors and lay leaders from five Baptist churches in the City of Jacksonville—Central Baptist Church, Hendricks Avenue Baptist Church, North Jacksonville Baptist Church, Riverside Baptist Church, and Southside Baptist Church.  These sponsoring churches perceived a growing need for affordable housing options for elderly people of modest income.

      The Towers of Jacksonville, Inc. identified a site for the new senior community, acquired the land, engaged the services of an architect, and applied for long-term financing under Section 236 of the National Housing Act.   On June 9, 1970, a mortgage was obtained from the U. S. Department of Housing and Urban Development (HUD) in the amount of $3,475,300, and construction began soon afterward.  The twelve-story building with 194 apartments opened to residents in March 1972.

     After forty years of use, the facility was badly in need of a substantial renovation. In 2015 the board of directors entered into a development partnership with Retirement Housing Foundation of Long Beach, California to undertake an $11 million rehab of the building with funding provided by low-income housing tax credits, tax-exempt bonds, and a long-term mortgage loan.

     For low-income housing tax credits to be used as a funding mechanism, it was necessary to transfer ownership of the land and building to a for-profit entity. Towers of Jacksonville, LP was formed for this purpose, and ownership was transferred in April 2015. Renovations were substantially completed by December 31, 2016.

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Mission and Purpose

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     The mission and purpose of The Towers of Jacksonville, Inc. has changed since we no longer own and manage the facility.  Our role now is:

1. To be a good partner with Retirement Housing Foundation, which includes providing timely and meaningful feedback to RHF regarding conditions at The Towers and recommendations for improvements to operations and/or facilities.

2. To appoint four members of the board of directors for Deland RHF Housing, Inc., the managing general partner for Towers of Jacksonville, LP.

3. To enhance the welfare of residents by funding services and amenities which are not allowable for direct funding by Towers of Jacksonville, LP based upon the contract with HUD or which are not affordable within the constraints of the project’s operating budget.

4. To maintain strong financial standing and an effective governance structure that will permit The Towers of Jacksonville, Inc. to exercise its option to reacquire ownership of the property after the value of tax credits to the limited partners is fully exhausted (after approximately 15 years), if the Board of Directors at that time determines that repurchase of the property is desirable.

5. To maintain our tax-exempt status under Section 501(c)(3) of the Internal Revenue Code by documenting the public good we produce and the services we perform.

6. To encourage churches and community organizations to provide services that will improve the quality of life for residents of The Towers.

7. To elect members of the Board of Directors for Baptist Towers Foundation.

8. To be a local advocate for The Towers of Jacksonville with the press, government officials, city leaders, and the community at large.