Palm Beach County just closed a $13 million deal to help build affordable housing in Lake Worth Beach, this is as part of a 2022 voter-approved bond meant to expand options for low-income residents.
The county’s $13 million is just a small slice of the nearly $78 million total cost of the project — with most funding coming from private financing, tax credits, and other public incentives.
Currently, the 13,000-square-foot lot is just dirt and fencing on 2nd Ave. North in Lake Worth Beach — but by the end of 2028, it’ll be nearly 200 workforce and affordable apartments for eligible teachers, nurses and hospitality workers.
The majority of the 164 planned units will be county-assisted workforce housing, while the remaining 31 units will be income-restricted.
In Palm Beach County, workforce housing is meant for households earning 60%-110% of the Area Median Income (AMI), which means a family of four earning roughly between $55,000 and $100,000 a year. Affordable housing is typically for lower-income families.
Aggregate market data shows average rent in Lake Worth Beach is over $2,400 a month.
READ MORE: New affordable homes in Palm Beach County help 'build a community' — one family at a time
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