Palm Beach County to Issue $81 Million in Housing Loans

Palm Beach County has $81 million in low-interest loans to issue for affordable and workforce housing, and some of South Florida’s wealthiest real estate players are in line for the financing.

The county commission is set to vote Tuesday on the funding, which would help finance 1,103 income-restricted housing units through three affordable housing programs, the South Florida Business Journal reported.

The selected projects are part of requests for proposals that the county issued earlier this year after allocating funds to affordable housing development to help residents stay in the community even as housing prices spike faster than income levels, the outlet said.

Two of the proposals came from Related Ross, led by billionaire and Miami Dolphins owner Stephen Ross. Ross is seeking $13.4 million for Grace Church at 3600 North Australian Avenue, which will include 188 apartments for people making up to 80 percent of the area median income and eight townhouses for people making up to 120 percent of the area median income.

The AMI in Palm Beach County is $107,600. Eighty percent is $86,080, and 120 percent is $129,120.

Ross is also asking for $12.5 million for Mount Calvary at 1111 36th Street in West Palm Beach. The development will include 170 apartments for people making up to 80 percent of the AMI and eight townhouses for people making up to 120 percent.

Miami-based Housing Trust Group is requesting $9.8 million for a complex called Washington Park Estates, Miami-based Pinnacle is requesting $5 million for Pinnacle on Sixth, and Pine Bay Landings LLC and WCZ Development are requesting $6.3 million for a project called Pine Bay Landings.

Those five projects are recommended for 20-year loans at a 1 percent interest rate.

Two affordable housing projects are recommended for 20-year loans at zero interest, the publication said. A partnership between New York-based Procida Development Group and former NFL linebacker’s Trè Bèl Housing Group is seeking $12.5 million for Broadway Apartments. Hope Housing Alliance asked for $7.9 million for Aero Village, a senior housing project.

Another two projects were recommended for 20-year loans at 3 percent interest. An entity tied to Miami-based Office America Group requested $12.9 million for Lake Worth West Apartments. Atlanta-based Dominium Development is seeking $500,000 for Village at Delray.

The combined cost of the nine projects is $451.3 million.

—Grace McClung