Public/Private Partnership to Build 36 Apartment Homes Within the Financial Reach of Working Families

November 1, 2017 West Palm Beach — Palm Beach County Mayor Paulette Burdick, Wells Fargo Regional President David Williams, Florida Community Loan Fund Officer Jim Walker and Neighborhood Renaissance broke ground for the construction of Mango Cove, a 36-unit apartment community at 1561 Florida Mango Road. The $8.2 million development is a public/private partnership between Palm Beach County and Neighborhood Renaissance, Inc., a nonprofit developer that addresses the growing need for affordable homes, which are within the financial reach of low and moderate-income essential workers including teachers, first-responders and health workers.  According to Dr. Ned Murray Associate Director for FIU’s Metropolitan Center, “the county’s $1,900 median gross rent is unaffordable for 80% of renters.”

The new development will transform this difficult to develop 8-acre parcel, which contains a lake and 2-acres of land located in the county’s Urban Redevelopment Area into an attractive residential community central to schools, transportation, employment, shopping, services and recreation facilities.  Since the destruction of 40 apartments by the 2004 – 2005 hurricanes, the site has been an eyesore to the surrounding neighborhoods.  Mango Cove will replace the lost apartments with energy efficient 2 bedroom and 2 bath quality homes with monthly rents no more than $1,244, well below market rate and affordable for families earning less than 120% of the area median income (120% of median annual income for a 2-member household is $69,120).  The homes will remain affordable for future generations through a 30-year deed restriction enforced by Palm Beach County.  Mayor Burdick emphasized the need for “rents that are within the financial reach of working families who struggle to pay for basic necessities such as food, health care and transportation.”

Mango Cove is being financed with equity raised by the sale of 19 single-homes that Neighborhood Renaissance purchased and rehabbed out of foreclosure through the county’s Neighborhood Stabilization Program 2. The homes are being sold to owner occupant buyers earning less than 120% of the area median income and will be deed restricted for 30 years to ensure they remain affordable.  Predevelopment and projects grants were provided by the Wells Fargo Priority Markets Program, TD Charitable Foundation and the Community Foundation for Palm Beach and Martin Counties. The Florida Community Loan Fund is providing construction and permanent 1st mortgage financing.

 

mango cove ground breaking

Pictured from left to right: NR Board Member Bette Anne Starke, Florida Community Loan Fund Jim Walker, Dan Liftman aide to Congressman Alcee Hastings, Wells Fargo Regional President David Williams, NR Chair Carl A. Flick, Terri Murray, PBC Director Housing & Economic Sustainability Jonathan Brown, PBC Mayor Paulette Burdick, Southeast Architectural Services Larry Kramer, Michael Pecar, NR Board Member Tim Coppage.