In November 2022, Palm Beach County residents passed a
historic $200M Bond Referendum aimed at increasing the stock of workforce and
affordable housing. Through a competitive process, 3 Bond funded projects were
conceptually approved at the May 7, 2024 Board of County Commissioner’s
Meeting, and additional projects were approved through other County funding
sources. The Bond projects included the Lake Worth Beach Scattered Site Project
in Lake Worth Beach, Calusa Pointe II in the City of Belle Glade and Residences
at Marina Village located in Riviera Beach. Other projects recommended for
funding included One Northlake in Pahokee and Westgate Terrace in the Westgate
CRA.
Projects were leveraged with
other financing and will require preservation of affordability through deed
restrictions in most cases from 50 years to perpetuity. The housing projects
approved at the Board meeting will result in over 440 new units.
“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” stated Commissioner
Mack Bernard who spearheaded the Housing Bond Initiative. “The cost of
living in Palm Beach County continues to rise and we need to ensure our residents
have access to obtainable housing.”
The projects are scattered
throughout Palm Beach County offering options including for-sale, workforce and
affordable units. The projects will return to the Board for final approval
later this year. Once approved, developers are required to begin construction
within one year.