Palm Beach County is making strides in the fight for affordable housing with the recent closing of a $2.8 million financing deal aimed at aiding local families to own their homes. As reported via their official newsroom, the county’s Department of Housing and Economic Development (DHED) wrapped up the deal on October 29, pinpointing further development of Lake Worth Beach CRA Villas, a project set to provide attainable homeownership options in the community.
The new development, consisting of eight county-assisted for-sale housing units across four locations, was financed through a mix of loans and federal funds—featuring a $1,480,000 loan via the Housing Bond Loan Program and $1,320,000 in Community Housing Development Organization (CHDO) federal funds. Walking down the streets of Lake Worth Beach where the scattered sites are located, one can find them at 1306 1st Street South, 610 North “E” Street, 417 South “D” Street, and 625 North “D” Street.
This initiative is not simply about numbers on a page. It is a tangible step towards providing high-quality, affordable housing for families that earn up to 80% of the Area Median Income (AMI). Lake Worth Beach CRA Villas will offer single-family homes designed to meet the needs of those working families who are often pushed to the periphery by the housing market’s swelling tides, as mentioned on the county’s website…