The Real Deal Miami

Market conditions ripen for more Habitat for Humanity construction

January 16, 2012 12:45PM

Boynton Beach Community Redevelopment Association officials break ground on Habitat for Humanity-sponsored Ocean Breeze West project

Thanks to the crash of South Florida’s residential real estate market, the local Habitat for Humanities have been able to ramp up their construction efforts, the Sun Sentinel reported.

The non-profit agency has secured inexpensive land for new homes throughout South Florida, thanks to falling real estate prices, the glut of foreclosures and federal grants for neighborhood stabilization. In fact, according to the Sun Sentinel, the agency only wishes it had more cash to acquire a land — a stark contrast from five years ago, when, at the market’s peak, Habitat had hefty cash reserves but no affordable land on which to spend it.

Habitat for Humanity of South Palm Beach County, for example, has 38 properties and is building a round of homes in Boca Raton, an area that hasn’t had a new Habitat home in more than 10 years. Its also building its first multiple-housing development, a 21-home complex called Ocean Breeze West, in Boynton Beach.

In Lake Worth, Habitat for Humanity of Palm Beach County expects to build and renovate 30 homes this year, twice its normal outlay, as more land is being offered by sellers and donors. [Sun-Sentinel]