News Summary
Palm Beach County is taking significant steps to address housing affordability. The County Commission has approved $12.1 million for three new projects aimed at providing affordable housing options. These initiatives, part of a broader workforce housing program, aim to create over 440 new units across different communities, targeting those struggling with rising rental costs. Notable projects include One North Lake, Village of Valor, and Danza of Westgate, collectively designed to support various income levels, including veterans and low-income individuals.
Exciting New Affordable Housing Developments Coming to Palm Beach County
Palm Beach County is making some significant strides in tackling the housing affordability crisis. The County Commission has just approved a whopping $12.1 million for three new affordable housing projects, which will help many residents find a place to call home. The funding will be put to use in various communities within the county, helping those who are struggling to keep up with skyrocketing rental prices.
Funding Breakdown and Project Details
This generous funding is a part of Palm Beach County’s workforce housing program, which is receiving a boost thanks to government assistance. On March 11, the County Commission will review all three funding requests, and excitement is in the air!
The largest project, known as One North Lake LLC, is set to receive $4.65 million through the Housing Initiative Program. This project operates under a structure of a 40-year loan at just 1% interest, making it incredibly beneficial for the developers. One North Lake LLC is a collaborative effort between the Sheridan OZ Fund LLC, based in Yonkers, New York, and Southern Angel Investors from Belle Glade. They are looking to build 54 affordable apartments in Pahokee, a quaint agricultural community close to Lake Okeechobee that has been grappling with high poverty rates.
The total cost for the One North Lake initiative is estimated at $17.27 million. They are also chasing an additional $9.05 million in funding from the Federal Housing Administration (FHA), so the project has plenty of room to grow. The apartments will be aimed at individuals making 40% of the area median income, with starting rents set at a manageable $890 for a one-bedroom unit.
Another Initiative for Veterans
Next on the list is the Village of Valor Ltd., which is looking to secure $4.3 million from the County’s General Obligation Housing Bond Loan Program. This project is particularly special because it will focus on providing 54 affordable apartments for veterans at 2701 to 2751 Second Avenue North in Palm Springs. Veterans in this community usually earn between 30% and 80% of the area median income, ensuring that these new homes will be within reach for those who have served the country.
The total development cost for the Village of Valor stands at $30.5 million. The county had previously awarded $2 million in Neighborhood Stabilization Program funds to support this project, and the developers are also seeking an additional $4.24 million from the Florida Housing Finance Corp.
Westgate to Join the Mix
The third project, known as Danza of Westgate LLC, is managed by Charles Lesnick and is looking for $3.15 million at a low 1% interest through the Housing Initiative Program. This initiative will be located at 2636 Westgate Ave. near West Palm Beach, featuring 46 apartments, a medical office, and offices for the Westgate/Belvedere Homes Community Redevelopment Agency.
Of the 46 units, 37 will be affordable with rents starting at $1,770 for a one-bedroom unit. The remaining 9 units will be classified as workforce housing at 120% of the area median income. The total estimated cost for the Danza project comes to a substantial $24.28 million, with hopes of securing $16.4 million from the FHA.
A Bright Future Ahead
This afresh wave of affordable housing developments is made possible due to a $200 million bond referendum passed by residents in November 2022. The recent commissioner’s meeting saw these three bond-funded projects receiving a green light, allowing for a bright future ahead. All these initiatives are expected to add more than 440 new affordable units to the county!
With the cost of living continuing to climb, it’s heartening to see Palm Beach County take proactive steps to foster an environment where everyone has access to a home. Once the projects receive full approval, developers will be required to kick off construction within a year, ensuring that help is on the way for those in need.
Deeper Dive: News & Info About This Topic
- WPTV: Funding Approved for New Affordable Housing Units
- Palm Beach Post: Outrageous Rents and Unfit Living Conditions
- CBS12: Churches Should Help Provide Housing for the Homeless
- Wikipedia: Affordable Housing
- Google Search: Affordable Housing in Palm Beach County
