County officials joined representatives from the Department of Housing and Urban Development and The Richman Group Thursday to dedicate Colonial Lakes Apartments — a 120-unit complex on Lake Worth Road west of Haverhill Road just outside the Greenacres city limits.
“This is a great, great facility for our families here in Palm Beach County,” County Commissioner Paulette Burdick said, noting that the new apartment complex is near L.C. Swain Middle School, Palm Beach State College’s Lake Worth campus and John Prince Park.
Developed and managed by The Richman Group of Florida, the $19.2 million apartment complex was built with a combination of funding sources that included federal Neighborhood Stabilization Program grant money, tax-exempt bonds issued by the Housing Finance Authority of Palm Beach County and money generated through the sale of income tax credits.
Amenities at the new apartment complex include a pool, a playground, a clubhouse, a car washing area, green space, a game room and a business center with computers. The Richman Group plans monthly social events for Colonial Lakes residents.
To be eligible to rent one of the Colonial Lakes apartments, tenants’ household incomes must be 60 percent or less of the area median income —$30,420 for one person or $43,380 for a family of four.
Two-bedroom apartments rent for $957 a month. Three-bedroom apartments rent for $1,106 a month. Rent payments include water, sewer, trash collection and pest control. Pets are allowed but require a non-refundable deposit.
Armando Fana, director of the Miami field office for HUD, praised the look and feel of the new apartments, noting a dramatic improvement in the quality of affordable housing during the past 20 years.
“For families making 60 percent or less of the area median income, it’s a real struggle for them to afford housing,” Fana said. “This is a great opportunity for 120 families.”
Colonial Lakes is one of four affordable housing projects that Palm Beach County’s Department of Economic Sustainability helped to finance the past three years using $50 million in federal grant money made available through the American Reinvestment and Recovery Act of 2009.
The county also used $8 million of the federal stimulus money to issue mortgages to buyers of foreclosed homes and $16.7 million to finance the purchase and rehabilitation of foreclosed properties by three nonprofit organizations that will rent or sell them to tenants or buyers who meet income guidelines.