Working Your Way Home
Provides Low and Moderate-income Families Access to Quality Rental Homes
Working Your Way Home
To help provide low-income families access to quality rental homes within their financial reach, Neighborhood Renaissance, Inc. developed the Working Your Way Home Program. We launched the program through a partnership with Palm Beach County who provided a $12 million NSP 2 grant for the purchase and substantial rehabilitation of seventy homes in foreclosure. The single and multi-family properties are located throughout central unincorporated Palm Beach County. Currently we own and manage 54 scattered site rental homes that we lease to families and individuals earning less than 50% of the area median income.
Homes
$103,800 Average Rehab Per Property
$12,877,604 Million Total Project Cost
Working Your Way Home Funding Partners
- Palm Beach County Dept. of Housing & Economic Sustainability: $12,084,574 NSP2 forgivable loan
- Florida Community Loan Fund: $1,000,000 Revolving Construction Line of Credit and $669,150 for permanent debt financing
MEET THE BEYDOYA FAMILY…
Jenny came to us needing an apartment that she could afford on her $20,000 annual salary as a medical billing clerk. The least expensive apartments rented for over $800 a month, which was more than half her take home pay. Working Your Way Home was able to offer her a monthly rent of $437, which was 30% of her gross income when adjusted for utilities. Experts consider this affordable. Over the next 2 years, Jenny was able to focus on her career goals and began a savings plan. When she received a promotion and a significant salary increase, we helped her to become a homeowner and she now owns a 3 bedroom 2 bath townhome. In her words, “I am so proud to be a homeowner. Thank you Neighborhood Renaissance for your support.”