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.

Neighborhood Renaissance Receives a $500,000 Project Reinvest Grant for the West Village Art Lofts in Lake Worth

Neighborhood Renaissance Receives a $500,000 Project Reinvest Grant for the West Village Art Lofts in Lake Worth

Lake Worth — Neighborhood Renaissance, Inc.  announced at its recent groundbreaking ceremony for the West Village Art Lofts the receipt of a $500,000 grant award from NeighborWorks America through Project Reinvest: Neighborhoods.  The West Village Art Lofts is a mixed-use residential and commercial development that includes 8 three-story live/work artist townhomes and 2,000 sq. ft. of much needed “Class A” commercial space. Designed to attract arts related businesses and amenities, the new commercial building as well as street level artist work space will add to the vibrancy of the West Village commercial area through small business development.

Lake Worth’s Art Lofts of West Village, is the second phase of live-work residences specifically for low and moderate-income working artists and has been made possible by funding from the Lake Worth Community Redevelopment Agency’s Neighborhood Stabilization Program 2 and the donation of distressed land. Project Reinvest grant funds will be used to construct the commercial building.  Neighborhood Renaissance was one of 55 nonprofit organizations across the country to receive this neighborhood stabilization grant award through a highly competitive process.

About Neighborhood Renaissance

Neighborhood Renaissance, a proven nonprofit community based organization for 25 years, is dedicated to building and supporting strong economies and diverse communities in Palm Beach County. We work in partnership with residents, local government, businesses and lending institutions to reclaim troubled properties and improve neighborhoods. Our efforts helped over 135 low and moderate-income families to become first-time homeowners and we built or substantially rehabilitated over 158 affordable homes. In the past 5 years our efforts targeted nearly $24.5 million of reinvestment into low-income communities.

Pleasant City Ribbon Cutting

Pleasant City

April 4, 2017, Pleasant City, West Palm Beach –

Mayor Jeri Muoio and West Palm Beach officials celebrated with Neighborhood Renaissance and first-time homebuyer, Craig Coleman dreams come true for 3 new homeowners.  The newly built 3 and 4 bedroom homes are within the financial reach of working families with prices starting at $110,000.  It has been more than a decade since new single-family homes have been constructed in Pleasant City, a historic African-American neighborhood located in the City’s north end. The City of West Palm Beach provided a $328,000 federal HOME grant and donated land needed to make the homes affordable.

New Homeowner Moves to the Northwood Community

March 3, 2017 West Palm Beach, FL – Neighborhood Renaissance, Inc. closed on the sale of a single-family home located on 38th St. in Northwood to Leandra Silfa who works as a case manager for Adoptive-A-Family of the Palm Beaches, Inc. In addition to becoming a new home owner, Ms. Silfa and her 10-year old son just welcomed a new baby girl to their family. “I am so happy to have the security of owning my own home where I can raise my family.” The nonprofit development corporation constructed the 4 bedroom and 2.5 bath Florida style bungalow home in 2008 with assistance from the City of West Palm Beach and Palm Beach County’s Dept. of Economic Sustainability.

Valley National Bank Supports Neighborhood Renaissance’s Pathway to Prosperity Program

West Palm Beach, FL – on March 3, 2017 Valley National Bank  presented Neighborhood Renaissance with a $5,000 contribution in support of helping low and moderate-income families to become homeowners.

Mango Cove Apartments Request for Qualifications and Bid Proposals for General Contractors to perform New Residential Construction

FOR BID INSTRUCTIONS, CLICK HERE.

https://www.dropbox.com/sh/soalhc8b2dcqrr2/AAAtAdv8TTZeW533NlNDK7lqa?dl=0

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Neighborhood Renaissance Wins Annual TD Charitable Foundation Housing for Everyone Affordable Housing Grant Competition, Awarded $100,000 for the Mango Cove Apartment Community

December 14, 2016 – West Palm Beach, FL –Neighborhood Renaissance, Inc. was recently awarded a $100,000 affordable housing grant through the TD Charitable Foundation’s Housing for Everyone grant competition. The grant will be used to help fund the development of 36 newly built apartments on 8 acres located within Palm Beach County’s Urban Redevelopment Area at 1561 Florida Mango Road.

The energy efficient 2 bedroom units will be within the financial reach of low and moderate income families with rents $150 below market and is located near good schools, shopping, public transportation and recreational facilities. On site amenities include a playground and picnic area, and a washer and dryer in each unit.

“We’re going to be offering a quality product at a reasonable rent” said Michael Pecar, real estate development director at Neighborhood Renaissance. According to Palm Beach County official, Ed Lowery, “This effort is the culmination of a lot of planning and prayer that brought good people together for the benefit of residents who need an affordable and decent home.”

This year’s “Housing for Everyone” theme was Affordable Housing for Single Parent Families, focusing on initiatives that support the development of safe, clean, accessible housing for families headed by a single individual (parent, grandparent or guardian).

The Housing for Everyone grant competition is one of the TD Charitable Foundation’s most widely known signature programs. The competition invites local non-profit organizations from Maine to Florida to submit proposals outlining their plans and initiatives to support and provide affordable housing initiatives in their communities. Twenty-five organizations throughout TD Bank’s footprint from Maine to Florida were awarded a $100,000 grant for a total grant donation of $2.5 million in 2016.

About Neighborhood Renaissance

Established in 1992, the nonprofit community based organization is dedicated to building and supporting strong economies and diverse communities in Palm Beach County by creating and preserving affordable homes, undertaking neighborhood improvements, and through homeownership assistance and financial literacy training. It helped over 120 low and moderate income families to become homeowners and built or substantially rehabilitated over 150 homes. In the past 4 years the organization invested nearly $23 million to help low-income communities prosper. www.neighborhoodrenaissance.org

About the TD Charitable Foundation

The TD Charitable Foundation is the charitable giving arm of TD Bank, America’s Most Convenient Bank®, and is one of the 10 largest commercial banking organizations in the United States. The Foundation’s mission is to support individuals, families and businesses in the communities TD Bank serves, The Foundation has made more than $167.3 million in charitable donations since its inception in 2002 primarily in the areas of affordable housing, financial literacy and education, and the environment. More information on the TD Charitable Foundation, including an online grant application, is available at www.TDBank.com.

About TD Bank, America’s Most Convenient Bank®

TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD”. To learn more, visit www.td.com.

December 14, 2016 – West Palm Beach, FL – TD South Florida Market President (third from left) and TD Florida Community Relations Manager Debbie Rahamim (fifth from left) present Neighborhood Renaissance, Inc. with a $100,000 award to build homes for low and moderate-income working families through the TD Charitable Foundation’s Housing for Everyone grant competition. The grant will help fund 36 newly built apartments on 8 acres located within Palm Beach County’s Urban Redevelopment Area at 1561 Florida Mango Road. Neighborhood Renaissance representatives accepting the award from left to right are real estate director Michael Pecar,  real estate committee member Kathleen Ward, executive director Terri Murray (4th from left), board chair Carl A. Flick, (6th from left), and board members: Annette Whitehead, Joey Eichner and Tim Coppage.

Pleasant City…

Coming Soon! 3 Newly Constructed Single-Family Homes in Pleasant City. Prices start at $110,000!  Learn more…

Bank United Helps Neighborhood Renaissance to Build Homes within the Financial Reach of Palm Beach County’s Working Families

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West Palm Beach, FL – on September 6, 2016 Bank United presented Neighborhood Renaissance with a contribution of $8,750 in support of the organization’s efforts to address the needs of low and moderate-income families to obtain quality homes within their financial reach.