Neighborhood Renaissance is developing 8 affordable townhomes
Neighborhood Renaissance recently hosted a groundbreaking for the West Village Art Lofts in Lake Worth, Florida. These 8 three-story townhomes will provide affordable housing through live-work residences for low-income and moderate-income working artists. The development includes 2,000 sq ft of commercial space, and the mixed-use center is designed to attract arts related businesses and amenities. The project will be built to certified Green building standards, including impact resistant windows and doors.
Neighborhood Renaissance received a grant award from NeighborWorks America through its Project Reinvest: Neighborhoods program that will be used toward the construction. Additional funding comes from the Lake Worth Community Redevelopment Agency (CRA), through its Neighborhood Stabilization Program 2 and the donation of distressed land. Florida Community Loan Fund has provided financing through a construction line of credit of $1.66 million.
The Art Lofts will be both a focus on community revitalization and an emphasis by local community leaders on artistic and cultural aspects of the community. Prospective homeowners may be eligible for first time homebuyer assistance, helping preserve the affordability of the neighborhood.
Learn more about FCLF and Neighborhood Renaissance here.
Read the announcement of Neighborhood Renaissance’s grant from NeighborWorks here.
For more information, visit www.neighborhoodrenaissance.org