$6.8 million FCLF loan
New construction financing
48 units of Affordable Rental Housing
The SPECTRA, “Smart People Engaged in Community Transformation Revitalization and Advancement” Organization, Inc., is committed to developing projects that provide needed affordable housing for low- to moderate-income and underserved populations. A nonprofit subsidiary of the Palm Beach County Housing Authority, SPECTRA has developed several rental communities with management of housing vouchers administered by the Housing Authority.
As Palm Beach County Housing Authority outgrew its headquarters, it transferred the land and building to its development subsidiary SPECTRA to redevelop the site and create an affordable multifamily rental community: Legacy at 45th Street.
Florida Community Loan Fund provided financing towards the development of Legacy at 45th Street, which will include 48 affordable rental homes targeted to families at or below 80% of the Area Median Income (AMI). The new development provides an innovative construction approach to addressing the affordable housing crisis. The project will consist of three 4-story buildings built from repurposed shipping containers as the structural frame. The modular components are built to 90% completion off-site by a shipping container dwelling unit fabrication company, and completed on-site by local contractors. This method provides for speed to market, cost and quality control.
All homes will be affordable through agreements managed by the Palm Beach County Housing Authority. A portion of the units will be available through HOPWA – Housing Opportunities for Persons with AIDS, a HUD program. The shipping container apartments will be built using sustainable and green practices, and energy efficiencies will provide additional savings to residents, many of whom are house cost-burdened. Legacy at 45th Street is located near major medical employers and downtown West Palm Beach. The project also has easy access to public transportation, schools, shopping, hospitals, and other conveniences; a necessity in an area where many residents do not have cars. Bicycle racks will be provided for each unit.
Additional funds for Legacy at 45th Street are provided by the City of West Palm Beach, Palm Beach County, and Valley Bank.