WEST PALM BEACH, Fla. — Palm Beach County leaders announced Wednesday that funding for two affordable housing projects, one in West Palm Beach and the other in Pahokee, was approved this month.
Commissioners at an April 18 board meeting signed off on $26 million in multifamily housing revenue bonds for the projects.
The county said one of the projects, Coleman Park Renaissance, will be located on scattered sites in the city of West Palm Beach and consist of 43 newly-constructed affordable units. All of the homes will be rented to individuals and families with household incomes that do not exceed 60% of the area median income — $55,200 for a family of four.
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The total cost of this project is $19 million and is expected to include $12 million of Housing Finance Authority multifamily housing revenue bonds. The county said the borrower is CP Renaissance, LLC, and the developer is Neighborhood Renaissance, Inc.
"Coleman Park is a legacy neighborhood and this mixed-use project will serve the community's housing needs as well as provide goods and services currently not available within close proximity," Commissioner Mack Bernard said in a statement. "I am excited to see the continued revitalization of this area and the changes that will serve current as well as future residents."
Project in Pahokee
The second project, Everglades Townhomes, will be located in the Pahokee and consist of 60 units of multifamily rental housing.
It is expected to receive low-income tax credits, which will require 100% of the units to be rented to individuals and families whose average household incomes do not exceed 60% of the area's median income.
The county said the total project cost is $19 million and includes $14 million of Housing Finance Authority multifamily housing revenue bonds. The borrower is Everglades Townhomes LP and the developer is Oikos Development Corporation.
County officials said both projects will remain affordable for a period of 50 years.
"The approval of 100 affordable housing units, including 60 in Pahokee, reflects our shared commitment to addressing the housing needs within our community," Commissioner Sara Baxter said in a written statement. "I am proud of the Board's decision and remain dedicated to backing these essential projects that increase housing accessibility for our residents. Collaborative efforts like these are key to fostering a thriving Palm Beach County."
The county has not mentioned when construction will begin on the projects.