NSP2 Workforce Housing
LOCATION: Various locations in North & South Westgate Estates neighborhood
PROJECT PARTNERS:
- Palm Beach County BCC & Administration
- Palm Beach County Department of Housing & Economic Development
- US Department of Housing & Urban Development (HUD)
- Palm Beach County Housing Finance Authority (HFA)
- Boyd, Schmidt & Brannum
- Zablik & Associates, Inc.
- Nowak Construction, LLC
- Westgate CRA
COST:
- HUD Neighborhood Stabilization Program 2 Residential Rehabilitation Grant Program (RRGP) – $2.44 million
- Gap funding from PBC HFA bridge loan – $300,000
- CRA TIF – $150,000
COMPLETION: All construction and rehabilitation work was completed by FY13
The rehabilitation of seven homes and reconstruction of six new homes units was a partnership between Palm Beach County and the Westgate CRA. The project consisted of 6 three-bedroom/one-bath and 7 three-bedroom/two-bath homes. The new neo-traditional homes feature a 10-foot ceilings, ceramic tile floors, ceiling fans, and Energy Star appliance packages. In order to promote sustainability, the homes include green features such as energy efficient construction techniques and products, improved indoor environments, and increased water efficiency.
The project received $2.44 million through the U.S. Department of Housing and Urban Development (HUD) Neighborhood Stabilization Program 2 Residential Rehabilitation Grant Program (NSP2 RRGP). Gap financing was also provided by the Palm Beach County Housing Finance Authority (HFA). Permanent financing was provided by EverBank and Iberia banks and a 30 percent direct subsidy was used to make the homes more attainable.
Under NSP2 RRGP, the CRA is responsible for the acquisition of foreclosed or distressed properties, rehabilitation/construction of the units, and resale of those properties to eligible homeowners within two years. Per program guidelines, 50 percent of the units were sold to households with incomes no greater than 120 percent of the area median income (AMI) and 50 percent of the units were sold to households with incomes no greater than 50 percent of AMI. The majority of the homeowners transitioned from being renters in the CRA district to homeowners, so no displacement occurred.
