30 Jun New affordable housing projects target low-income residents
The affordable housing stock is growing slowly as new projects in Broward and Palm Beach counties address the need among low-income residents.
Atlantic | Pacific Communities and the Housing Authority of the City of Fort Lauderdale celebrated a groundbreaking Thursday on Northwest Gardens V with city commissioners Dean Trantalis and Robert L. McKinzie among the dignitaries in attendance.
The 200-unit apartment complex at 700 NW 12th Ave. is designed for elderly residents who meet income requirements.
Officials said all five phases at Northwest Gardens were completed three years ahead of housing authority projections.
Meanwhile, Davis Landings West, an affordable housing complex with a coveted golf course view near Palm Springs, is set to welcome its first residents during the first week of July.
The balance of the project is expected to be ready by the end of August, said Cindee LaCourse-Blum, executive director of the Community Land Trust of Palm Beach County.
The cul-de-sac development of 16 single-family homes and eight townhomes is across from the Atlantis Country Club golf course.
Four homes and six townhomes still are available. Prices start at $230,000. With up to $79,000 in purchase assistance, most buyers will need to qualify for a first mortgage in the $150,000 range, LaCourse-Blum said.
The challenge is finding buyers who know about the development tucked away along David Road and who meet the income qualifications, LaCourse-Blum said.
For some of the homes, a family of four can’t make more than $53,760. For two of the properties, the maximum income for a family of four is $80,640.
The land trust retains ownership of the underlying land. Buyers sign 99-year ground leases but get mortgages, build equity and enjoy other benefits of traditional home ownership. The buyers are limited in how much they can resell the homes for so the properties stay affordable for future buyers.
“It’s a great opportunity,” LaCourse-Blum said. “There’s a great need — a huge need.”
The land trust will hold an open house at Davis Landings West on July 13 from 3:30-6:30 p.m. For more information, visit cltofpbc.org or send an email to [email protected].
Palm Beach Gardens hunt club sold for new homes
A small development of upscale homes is coming to the former Bonnette Hunt Club in Palm Beach Gardens.
Parkwood Distinctive Homes is planning 28 homes on seven acres along Hood Road. Prices likely will range from $500,000 to $800,000, and the project is expected to be complete by summer 2018.
Parkwood bought 5307 and 5309 Hood Road for $2.55 million. The seller was a partnership that included Alix Dummett, the daughter of William Bonnette, who founded the club in 1961.
Burt Reynolds, Bing Crosby and Jack Nicklaus were some of the celebrities who visited the club.
Illustrated Properties, a division of the Keyes Co., handled the sale.
“The proximity to Scripps Research Institute and the newly constructed United Technologies campus and other major employment hubs will certainly drive interest in the new homes,” Keyes CEO Mike Pappas said in a statement.
[email protected], 561-243-6529 or Twitter @PaulOwers