Palm Beach County, through its Department of Housing and Economic Development (HED), recently announced the closing of $13,000,000 in financing to support the development of Waterview Apartments at Mangonia Park, an affordable multifamily rental housing community.
This transaction reflects the county’s strategic use of two distinct funding sources to expand the supply of affordable rental housing for Palm Beach County residents.
The financing package includes a $7,870,000 loan through the county’s Housing Bond Loan Program (HBLP) and a $5,130,000 loan funded through the Housing Initiatives Program (HIP).
The financing closed on July 2 and will support the construction of a six-story affordable housing community located at 4420 W. Tiffany Drive in Mangonia Park, with a total development cost of $53,393,888.
The project will provide 140 county-assisted, spacious one-bedroom rental units. Of those units, 56 will be reserved for households earning at or below 30 percent of the Area Median Income (AMI), and 84 will be reserved for households earning at or below 80 percent of the AMI, ensuring a mix of deeply affordable housing opportunities for seniors and disabled adults.
For additional information regarding the Housing Bond Loan Program, contact Housing Development Lending Manager Shenelle Archibald at (561) 233-3644 or via e-mail at [email protected].
