Housing prices have risen dramatically throughout Palm Beach County over the past several years, and the Delray Beach CRA area is no exception. A successful redevelopment program must plan for the possibility that the resulting rise in property values may make it difficult for low and moderate income residents to afford housing in the redevelopment area.
The Delray Beach CRA has been involved in affordable housing initiatives since its inception, including the following projects:
- The CRA has been a partner in the City's Renaissance Program, which helped more than 160 low and moderate-income families become first-time homeowners. The CRA acquired lots and provided down payment subsidies to moderate income families.
- The CRA maintains an aggressive property acquisition program, buying land and buildings that can be used for the development of affordable housing.
- The CRA worked with the developers of the Atlantic Grove project on West Atlantic Avenue to set aside 10 of the 55 townhouses for moderate income families. While the market rate units sold in the $200,000 range, the set-aside units sold for approximately $135,000. The CRA provided subsidies to assist 7of the affordable unit buyers.
- The CRA, along with the City of Delray Beach and the Delray Beach Housing Authority, took the lead in the establishment of a Community Land Trust (CLT). Housing that is part of a CLT remains affordable for generations, because the CLT maintains ownership of the land, and resale profits are kept at a below-market level. Call (561) 243-7500 for more information.
- Plans have been designed for an affordable single-family home subdivision in the 100 block of SW 14th Avenue. The units will be sold to low/moderate income persons through the Delray Beach Community Land Trust.
- The CRA financed a $150,000 construction loan for the Atlantic High School Eagle's Nest program. The progam offers high school students hands-on training in the construction industry as the students build a single-family home under the supervision of qualified professionals. After the home was completed, the City sold the home to a low- to moderate-income homebuyer through the Renaissance Program.
The CRA acquired the historic La France Hotel at 140 NW 4th Avenue and converted it into an affordable housing complex for seniors. The CRA also acquired and renovated two apartment buildings on NW 5th Avenue, which will also provide long-term affordable rental and condominium housing.
The CRA is collaborating with the Delray Beach Community Development Corporation (CDC) to purchase homes in foreclosure at affordable prices. The homes will then be renovated and sold to low- to moderate-income homebuyers at affordable prices.