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Third Federal Foundation Makes Critical $500,000 Grant to Address Affordable Housing Crisis in Florida
The half a million dollar award will seed property acquisition fund devoted to developing and preserving affordable homes in Palm Beach County WEST PALM
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[{"type":"text","content":"\nThe half a million dollar award will seed property acquisition fund devoted to developing and preserving affordable homes in Palm Beach County\n\n WEST PALM BEACH, Fla.--(BUSINESS WIRE)--\nTo address the growing affordable housing crisis in Florida, Third Federal Foundation today announced a $500,000, three-year grant to Neighborhood Renaissance, a nonprofit community-based housing developer. The funding will support the acquisition of property to develop and preserve homes that are within the financial reach of low- and moderate-income households and individuals in Palm Beach County.\n\nThe median single-family home price in Palm Beach County is unaffordable to 80% of the county’s households, and rental prices have seen some of the highest increases in the United States since the start of the pandemic.\n\n“The affordable home crisis demands new solutions for housing options,” said Third Federal Savings and Loan Chairman and CEO Marc Stefanski. “We’re grateful for the long-time partnership of Neighborhood Renaissance in support of our mission of helping people achieve the dream of home ownership.”\n\nWith the funding, Neighborhood Renaissance will establish a Real Estate Acquisition & Predevelopment Fund, providing a ready source of upfront capital to compete for development sites and leverage additional financing. The Fund will help to develop homeownership or rental opportunities for Palm Beach County residents, focusing on affordable housing development efforts that are majority low- to moderate-income and minority census tracts.\n\n“We are working in a tight, highly competitive and predominantly luxury housing market,” said Neighborhood Renaissance Executive Director Terri Murray. “To increase and preserve the supply of affordable homes in our community, it is absolutely essential we have dedicated capital we can deploy quickly to pursue development opportunities when they arise.”\n\nA surge in Florida’s population has severely limited the availability of properties for purchase or to rent, forcing prices higher, and making it even more difficult for low- and moderate-income residents to secure affordable housing. According to the Palm Beach County Affordable Housing Needs Assessment, during the last decade, there has been an average annual supply gap of 2,732 housing units. Current market trends are hurting those earning ...