Delray Beach CRA Helps Fund 84 New Housing Units
Delray Beach CRA Helps Fund 84 New Housing Units For Low Income Elderly with $2.7 Million Loan
Delray Beach, Fla. (August 4, 2014) – On July 16th, the Delray Beach Community Redevelopment Agency closed on a $2.7 million loan to Village Square Elderly Ltd. to help fund 84 new housing units for low-income elderly residents.
The Village Square project is a partnership between the Delray Beach Housing Authority and Dallas-based Roundstone Development. The partnership was created to redevelop the 18-acre property, former site of the Carver Estates public housing project. The $2.7 million loan from the Delray Beach CRA will provide gap financing for the elderly apartment phase of the project, The Courts at Village Square, which will break ground in August 2014, and is scheduled for completion in Fall 2015.
According to the National Housing Conference/Center for Housing Policy, 40 percent of households age 65+ have incomes that are less than half of the local area median income (AMI), and almost half of the poorest 65+ year-old households pay 50 percent or more of their incomes for housing. Currently the Housing Authority has more than 250 seniors waiting for affordable housing in Delray Beach.
“There is a great need for this project in Delray Beach,” said CRA Executive Director Diane Colonna. “The CRA is very pleased to be a participant in its delivery.”
Village Square also includes a 144-unit affordable apartment complex for lower income families (currently under construction) and approximately 24 single-family, for-sale homes.
“This project represents implementation of recommendations put forth via a community Charette convened January 9, 2010,” explained Dorothy Ellington, Executive Director, Delray Beach Housing Authority. “It has taken quite some time to pull together the financing necessary to bring this 3-phased, mixed income development together, and without the assistance provided by the CRA, I am certain this project would not have been possible. The DBHA is grateful to the CRA’s Board of Commissioners for their commitment to affordable housing within its district.”