New Affordable Housing in Delray Beach
It was a worthy celebration, and one a long time in the making, but the Island Cove Apartments are officially open!
What makes the Island Cove Apartments project so important is because not only does it provide affordable housing for those who are struggling to afford to live in the city they love, it also showcases the ability of multiple government entities to pivot, partner and perform for the good of the community at large.
“By contributing $1,000,000 to this project, the Housing Authority was able to secure tax credit financing for the project and we now have 60 new gorgeous affordable homes in our District. This project highlights how our CRA leverages TIF dollars and increases the stock of affordable homes.” Renee Jadusingh
“This was a project that we needed to build. Families needed to have housing. We needed to provide housing. The people with whom I have worked all shared this common vision, to provide the most luxurious, upscale, affordable housing that can and will complement our beautiful city of Delray Beach, and become a beacon of light for other cities to follow,” said Shirley Erazo, president and CEO of the Delray Beach Housing Authority. “We built a blueprint here, folks, of what is possible when we all come together and put aside our differences, to serve our community and to serve the underserved.”
The property consists of five, two-story buildings with 12 units each, and include resort-style amenities such as a clubhouse, gym, playground space, and more. Of the 60 rental units, 18 are reserved for “hometown heroes,” meaning those who are teachers, fire fighters, police officers and other essential workers. At this time, all units are rented and being enjoyed by residents who might not have been able to otherwise live in Delray.
“There is no question that housing challenges remain, but I’m proud that we continue to make strides in DB to provide safe, affordable, quality-designed and built homes for our hardworking residents and families. This development could not have happened without the collaborative efforts of the Delray Beach Housing Authority, the Smith & Henzy Advisory Group, the City of Delray Beach, and the CRA,” said Mayor Shelly Petrolia. “Collaborations like this are just an example of our City working together to keep the needs of our residents and families at the core, and our efforts at the forefront of our minds. Congratulations to the families. Welcome home!”
Current rental rates for the Island Cove Apartments begin at $1,449 for a two-bedroom unit and $1,674 for a three-bedroom unit. These Island Cove apartments are reserved for households making 30% to 80%, or less, of the area’s median income, which is $98,300 in 2023.
The Housing Authority partnered with the CRA to receive a local government contribution for a $1 million grant, which helped toward construction and infrastructure costs. It was an amazing opportunity to leverage our funds to provide affordable housing efforts for our community members!
