Palm Beach County OKs $81M for 1,103 affordable units

Palm Beach County commissioners approved roughly $81 million in low-interest loans on Tuesday for nine income-restricted housing projects, a subsidy package meant to move 1,103 affordable and workforce units through a development pipeline with a combined cost of $451.3 million. The awards came out of requests for proposals the county issued earlier this year as home prices outran incomes across South Florida.

Why it matters. For developers, cheap public capital is the difference between a stalled affordable deal and a financeable one. The loans span three programs — some at 0% interest, others at 1% or 3% over 20 years — effectively closing the gap between what income-restricted rents support and what construction now costs. That the county drew bids from market-rate heavyweights, not just mission developers, signals how attractive subsidized structures have become as conventional financing stays tight.

The numbers. Two of the largest awards went to Related Ross, led by Stephen Ross: $13.4 million for Grace Church at 3600 North Australian Avenue (188 apartments at 80% of area median income plus eight townhouses) and $12.5 million for Mount Calvary in West Palm Beach (170 apartments and eight townhouses). Housing Trust Group secured $9.8 million for Washington Park Estates, while Procida Development Group and Trè Bèl drew a 0% loan of $12.5 million for Broadway Apartments. The county’s area median income is $107,600, putting the 80% threshold near $86,080.

What’s next. With financing locked, the awarded developers can advance permitting and closings on their respective sites, adding meaningful affordable supply in a county where the shortage keeps widening. The package is another data point in the policy push across South Florida to underwrite housing directly — a template other metros facing the same affordability squeeze are watching closely.