Four out of 6 Palm Beach County commissioners this week voted in favor of including a $200 million affordable housing bond on voters’ November ballot.
If approved by voters, the money will be used to finance the construction of condominiums, rental units, family homes, and town homes.
The Palm Beach Post further reported:
The projects can be mixed-income and mixed-use; however, bond financing will only be available for the eligible housing units that meet county requirements.
Affordable housing is defined as housing that is affordable to households whose income does not exceed 80% of the Area Median Income (AMI). In fiscal year 2022, for a household of four, that would mean that the maximum income was $73,600. Workforce housing is defined as housing affordable to households whose income is between 60% AMI and 140% AMI. That means that in fiscal year 2022, the eligible household income was between $54,180 and $126,420.
The county will solicit proposals from developers. Those proposals will be ranked through a competitive process. All awards must be approved by county commissioners.
The bond money is expected to be used to provide last-gap financing for developers. Most of the financing would be obtained through other sources.
