Two affordable housing developments totaling 212 apartments could open in Wellington within two years, marking the village's first apartment complexes approved under Florida's Live Local Actand its first dedicated affordable housing developments.
Palm Beach County commissioners recently approved a combined $20 million in loans to help finance the two projects through the county's Housing Bond Loan Program.
Each development will receive a $10 million loan. The county has set guidelines to encourage builders to set aside units for lower-income residents to enable them to reside in the county, which has experienced a housing affordabilty crisis.
Atlanta-based NuRock Development Partners plans to build the nearly identical 106-unit communities on adjacent
sites in western Wellington.
The Residences at Country Grove is planned for 16651 Velazquez Road, while Country Landing is planned for 16651 Van Gogh Road, less than a block away.
"This is a project that is important to the village," Village Manager Jim Barnes said. "There is a real need for it."
In addition to being the first affordable housing projects for Wellington, the developer, for the first time in the village, is using the Live Local Act to gain approval.
The 2023 Florida law is desinged to encourage the construction of affordable and workforce housing. It allows developers to build qualifying affordable housing projects at higher densities and heights than local zoning rules might otherwise permit, provided a share of the units are reserved for lower-income residents.
All 212 apartments will be designated as county-assisted affordable housing and reserved for households earning no more than 80% of the area median income. Some units will be set aside for families earning 50% of area median income. For a family of four, those income limits are currently about $102,800 and $64,250, respectively.
Who will qualify for the Wellington apartments?
About 25% of the units will be reserved for households earning 50% of the area median income. County commissioners praised NuRock's commitment to long-term affordability, particularly the number of units reserved for lower-income families.
Monthly rents for two-bedroom apartments are expected to start at about $1,130 for households earning 50% of area median income and $1,388 for two-bedroom apartments.
Each development is expected to cost about $51.2 million, or roughly $482,600 per apartment. The county's investment covers about 20% of development costs and amounts to approximately $94,340 per unit.
In addition to the loans, the projects are slated to receive $257,742 through the county's Impact Fee Affordable Housing Assistance Program.
The loans will carry a 1% interest rate and must be repaid within 20 years. However, the developments must remain affordable for at least 50 years, even after the debt is paid off.
A spokesman for the developer said construction is expected to begin in about a year and take roughly 18 months to complete.
Mike Diamond is a journalist atThe Palm Beach Post, part of the USA TODAY Florida Network. He covers Palm Beach County government. You can reach him at mdiamond@pbpost.com. Help support local journalism. Subscribe today.
This article originally appeared on Palm Beach Post: Affordable apartment complex coming to Wellington | Exclusive
