Supporting strong economies with workforce rental housing
Mango Cove Apartments
In a beautiful coastal community like Palm Beach County the strength of the tourism economy and the quality of life depends upon the hard work of low paid employees. Yet, 80% of renter households cannot afford the average monthly two bedroom rent rent of $1,900.
Mango Cove creates thirty-six 2BR/2BA apartments that are within the financial reach of low- and moderate-income families including teachers, first responders and health care workers. The development transforms 8 acres of blight that sat empty for ten years and replaces 40 apartments destroyed by hurricanes with quality homes central to schools, transportation, employment, shopping, services and recreation facilities. Neighborhood Renaissance will own and manage the apartment community along with its existing portfolio of 57 affordable scattered-site homes.
Neighborhood Renaissance raised $4 million in project equity through the sale of 19 single-homes that we purchased and rehabbed out of foreclosure and sold to homebuyers earning less than 120% of the area median income with 30-year deed restrictions.
36 Affordable Rental Units
8 Acres of Blight Beautifully Transformed
$8.5 Million Total Project Cost
19 New Home Ownership Opportunities Created
Mango Cove Apartments Funding Partners
• Palm Beach County: $4 million forgivable loan from NSP2 program income
• IBERIABANK, a division of First Horizon Bank: $4.5 million first mortgage perm loan
• Florida Community Loan Fund: $1,175,000 land acquisition loan &
$2, 760,000 revolving construction line
• Community Foundation of Palm Beach & Martin Counties: $109,000 Predevelopment Grant
• TD Charitable Foundation: $100,000 Housing for Everyone Grant
• Wells Fargo Foundation: $100,000 Priority Markets Program Grant