Palm Beach County is considering a significant investment in affordable housing by allocating $12.1 million to support three key developments. These projects aim to create 145 affordable apartments to assist low-income residents, veterans, and workforce housing needs. The proposals will go before the County Commission today, March 11 as part of the county’s workforce housing initiative, which provides essential funding to make affordable housing viable.
Affordable Housing Projects in Palm Beach County
One North Lake: $4.65 Million Investment
The largest portion of the proposed funding, $4.65 million, would go to One North Lake LLC through a 40-year loan at 1% interest via the county’s Housing Initiative Program. The project, a joint venture between Sheridan OZ Fund LLC and Southern Angel Investors, plans to construct 54 affordable apartments in a four-story development at multiple addresses in Pahokee:
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128 North Lake Ave.
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169 East Main St.
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154 East Main St.
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194 East Main St.
Pahokee, an agricultural community near Lake Okeechobee, has a high poverty rate, making affordable housing a crucial need. The total estimated cost of One North Lake is $17.27 million. The county had previously awarded the project a $100,000 grant in 2020. The developer is also seeking $9.05 million in funding from the Federal Housing Administration (FHA). Rents will be set for individuals earning 40% of the area median income (AMI), with one-bedroom units starting at $890.
Village of Valor: Housing for Veterans
The Village of Valor project, backed by Village of Valor Ltd. and Development Partners Inc., is requesting $4.3 million from the county’s General Obligation Housing Bond Loan Program. This loan would have no interest for 20 years. The development, located at 2701 to 2751 Second Avenue North in Palm Springs, aims to build 54 affordable apartments specifically for veterans. These units will be available to residents earning between 30% and 80% of AMI.
The estimated cost for Village of Valor is $30.5 million. The county had previously committed $2 million in Neighborhood Stabilization Program funds, and the developer is also seeking $4.24 million from the Florida Housing Finance Corp. to help finance the project.
Danza of Westgate: Mixed-Use Affordable Housing
The final project, Danza of Westgate LLC, is requesting a $3.15 million loan at 1% interest through the Housing Initiative Program. This four-story development will be built on two acres at 2636 Westgate Ave., near West Palm Beach. The project will include:
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46 apartments
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Medical office space
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Office for the Westgate/Belvedere Homes Community Redevelopment Agency
Out of the 46 apartments, 37 units will be affordable, with one-bedroom rents starting at $1,770. The remaining nine units will be workforce housing, available to tenants earning 120% of AMI. The total estimated project cost is $24.28 million, and the developer is also seeking $16.4 million from the FHA. The rezoning application for Danza at Westgate was submitted in 2023.
Addressing Palm Beach County’s Affordable Housing Crisis
Palm Beach County’s investment in these developments reflects the growing need for affordable housing in the region. Rising rents and property prices have made it difficult for many residents, especially low-income individuals and veterans, to secure stable housing. These projects will help bridge that gap, ensuring that more people have access to quality, affordable homes.
If you are looking for real estate opportunities in Palm Beach County, whether for investment or homeownership, The Mastropieri Group,Realtors® is here to help. Contact us at (561) 544-7000 or visit our Google Business Profile to learn more about available properties and expert guidance in the South Florida market.
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