Federal and local officials have announced an $850,000 investment to expand affordable housing in Lake Worth Beach, with the funding supporting new residential developments in the city’s downtown and west side neighborhoods.
U.S. Rep. Lois Frankel said the funding comes as housing costs continue to rise across Palm Beach County, where average rents for a one-bedroom apartment now exceed $2,200. Officials noted that more than half of residents are spending over 30 percent of their income on housing.
The federal funding will be used by the Lake Worth Beach Community Redevelopment Agency to purchase blighted, vacant and foreclosed properties and redevelop them into affordable housing for renters and first-time homebuyers. The projects will primarily target residents earning less than 80 percent of the area median income.
City leaders said several developments are planned along L Street and K Street in the downtown area. Plans include eight affordable arts lofts designed as two-story live-work spaces for artists, as well as additional units that will be priced below market rates. Expected rental costs are projected to range roughly from $1,400 to $2,000 depending on unit size and occupancy.
Mayor Betty Resch said the initiative will help bring a mix of market-rate and affordable housing to downtown while supporting continued growth in the area.
Since 2010, the Lake Worth Beach CRA has helped build more than 700 homes in the city. Officials say the new funding will allow the agency to continue expanding housing opportunities through partnerships with organizations such as Habitat for Humanity and the Palm Beach County Community Land Trust.
The project has already received its entitlements and is now moving through permitting. Construction is expected to begin later this year, with new residents potentially moving in within two years.