In a move that spells relief for countless Palm Beach County residents feeling the crush of a soaring housing market, the Board of County Commissioners has greenlighted funding for over 440 units of affordable and workforce housing. Heeding the call of voters who last November endorsed a whopping $200M Bond Referendum to amplify the area's affordable housing stock, the County took decisive action this month.
The Commissioners, in their meeting on May 7, gave the initial thumbs up to three major projects bankrolled by the Bond. These ventures, namely the Lake Worth Beach Scattered Site Project, Calusa Pointe II, and the Residences at Marina Village, are among a few slated to recruit other funding partners. This collaborative fiscal tactic is set to cement the affordability of these homes through stringent deed restrictions, some of which span perpetuity.
In a refreshing bout of prudence, each project will undergo a return bout before the Board for the final stamp of approval later in the current year. Developers are being put on a tight leash too; once they get the go-ahead, they'll need to break ground within a year's time, ensuring that promises made are indeed promises kept.
"This was an important first step in the Bond process allowing the Board to further establish priorities that will meet the County’s housing needs and maximize Housing Bond financing. These Housing Bond projects represent the goal of our Board to increase the inventory of units through new construction," Commissioner Mack Bernard, the prime mover behind the Housing Bond Initiative, told an announcement by the Palm Beach County. He highlighted the urgency of the matter, pointing out the county's escalating cost of living and the strain it puts on locals seeking affordable housing options.
The approved projects span across the county and are not just pigeonholed to rental properties but also include for-sale units, underscoring an inclusive approach to tackle a diverse range of housing needs. The plan's broad sweep promises a robust addition to the housing market, a welcomed respite as the region grapples with a steep climb in accommodation costs. The strategic distribution of these projects opens doors to a wider audience, potentially reshaping the housing landscape in Palm Beach County.
