What's Happening?
Palm Beach County has finalized a $4.7 million financing package under the Housing Bond Loan Program for the development of Residences at Marina Village, a workforce housing project. Located in Riviera Beach, Florida, the development will consist of 149 workforce housing units. The project aims to provide affordable rental housing for households with incomes between 30% and 110% of the area median income. The total construction cost is approximately $48.2 million.
Why It's Important?
The development of Residences at Marina Village represents a significant investment in affordable housing in Palm Beach County. By expanding the workforce housing inventory, the project addresses the growing need for affordable housing options for working families. This initiative supports economic development by providing stable housing for low- to moderate-income households, contributing to community stability and growth. The project also highlights the importance of public-private partnerships in addressing housing challenges.
