Delray Beach Housing Authority to build 54 apartments, citing rental need
DELRAY BEACH – The City Housing Authority is moving forward with plans for the Island Cove apartment project near the intersection of Southwest Eighth Street and Southwest 12th Avenue in Delray Beach.
The authority, in light of the pandemic, has changed its plans. He expected to build 54 townhouses on the 3-acre site that would have sold for up to $ 300,000, but instead decided to convert the project into affordable rental apartments.
“With the pandemic hitting the region, it became evident that there was a much greater need for apartments,” said Shirley Erazo, chief executive of the authority. âA lot of people would have a hard time buying. ”
Rents for the apartments are expected to be between $ 500 and $ 1,200 per month, according to Erazo, noting that there are more than 1,800 people on the authority’s waiting list to live in subsidized rental housing. The amount of rent depends on income.
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âThere is a critical need for these apartments,â she said.
The Delray Beach Community Redevelopment Agency is expected to contribute $ 1 million to the $ 16 million project.
The authority recently received a necessary letter of support from the city commission to apply for housing tax credits from the Florida Housing Finance Corporation. The credits will allow investors to get a dollar-for-dollar reduction in their federal tax liability in exchange for equity financing for Island Cove.
Of the 54 apartments, 36 will be 900 square foot two bedroom residences and 18 will be 1,100 square foot three bedroom apartments. Erazo said it was possible for the authority to build six more units.
Construction is expected to start in early 2022.
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The original townhouse design will be used for the apartments while some modifications will be made to comply with FHFC requirements.
Island Cove will feature an outdoor courtyard, pavilion and security surveillance. Residents will be able to take advantage of the employment assistance and financial management programs free of charge.
Literacy tutors will also provide weekly literacy classes to strengthen residents’ reading, writing and comprehension skills.