Florida Community Loan Fund finances preservation of affordable rental housing.
West Palm Beach Housing Authority will renovate Springbrook Commons apartment homes with a loan from FCLF.
Florida Community Loan Fund (FCLF) is pleased to announce $3.3 million in financing of the acquisition and renovation of the Springbrook Commons complex in West Palm Beach. Financing is made possible through the FCLF Florida Preservation Fund, a pilot program that was created in 2008 by the Florida Legislature to preserve affordable rental housing.
The West Palm Beach Housing Authority (WPBHA) has a mission of providing safe, decent and affordable housing to families in the City of West Palm Beach. The organization maintains 6 housing developments, providing homes for over 2,000 residents. Springbrook Commons, built in 1994 on 8.3 acres west of I-95, consists of 144 units, all of which will continue to be available only to low-income families. The financing through FCLF will allow WPBHA to upgrade the existing apartments to current market conditions, including new flooring, remodeled kitchens, and interior painting.
The State of Florida selected FCLF to administer the Florida Preservation Fund (FPF) to help preserve affordable multi-family rental housing. The FPF program provides financing for acquisition and rehabilitation of projects, such as this $3.3 million loan to WPBHA for Springbrook Commons in West Palm Beach. Addressing the preservation of affordable rental housing is an important component of FCLF's mission to transform communities throughout Florida.