PALM BEACH COUNTY – In its continuing commitment to provide more affordable housing opportunities throughout Palm Beach County, the Board of County Commissioners (BCC) recently approved several important funding requests.
The board approved five HOME Investment Partnerships Program (HOME) awards to assist in the development of affordable housing totaling $2.55 million, leveraging $85.6 million in other funding and resulting in 310 affordable units. The projects include:
1) $550,000 to HTG Banyan, LCC to build Flagler Station, a 94-unit multifamily rental project located at 951 Banyan Blvd. in West Palm Beach;
2) $1 million to McCurdy Senior Housing Corp. to construct Quiet Meadows, a 132-unit senior and disabled multifamily rental project located on 10th Street in Belle Glade;
3) $500,000 to HTG Heron Estates Family, LLC to build a 79-unit townhome-style rental project at 2003 W. 17th Court in Riviera Beach;
4) $185,000 to the Community Land Trust of Palm Beach County, Inc. to build two single-family homes on Dale Road in Palm Springs;
5) $315,672 to Habitat for Humanity of Palm Beach County, Inc. and Habitat Housing Solutions, Inc. to construct three single-family homes in Pahokee and Belle Glade.
All HOME-assisted housing units will be made available to buyers and renters with household incomes no greater than 80 percent of area median income (AMI). Additionally, 20 percent of HOME-assisted multifamily units will be made available to households with incomes no greater than 50 percent of AMI. Currently, the area median family income in Palm Beach County is $75,400.
In addition, the BCC approved the issuance of $17.5 million in Housing Finance Authority revenue bonds for El Cid Apartments for the renovation and construction of 72 units that will serve incomes of no greater than 60 percent of AMI. Commissioners also approved revised guidelines for the Impact Fee Affordable Housing Assistance Program (IFAHAP).
This program makes impact fee interest earnings available to developers to offset the impact fees they are required to pay on new housing construction. In return, developers accept restrictions that ensure affordability to households with incomes no greater than 140 percent of AMI.