Affordable Housing Coming to Palm Beach County

Author:	Lucas Jones
Source:	Homes Discovered
Date:	April 27, 2006

In Palm Beach County, median home prices are well above the national average.  This leaves many low-income families without any affordabe housing options in the area.  Buyers who are desperate for homes they can afford are anxiously awaiting for developers to build.  New guidelines implemented by Palm Beach County forces developers to reserve some homes in new neighborhoods for low and middle-income buyers. Many people already living in neighborhoods fear a backlash against the low priced homes and their residents.  These homeowners want to protect their own investment and worry that reduced price homes could affect their property values. Many would be fine if the new residents were teachers or police officers but are afraid that lower class residents could hurt property values. County officials claim that the affordable homes, which are priced between $164,000 and $304,000, will be built to blend in with surrounding neighborhoods and are a necessity to give young teachers, police officers, and young professionals alternatives to getting priced out of the county.  More affordable homes are in the works. In the beginning the county made the affordable housing program voluntary but the program was a failure as developers preferred to make the most money out of the land.  In March, the county commissioners decided to make the program mandatory.Despite developers opposition, as many as 20 percent of new neighborhoods could be reserved for affordable housing. The county has about 300 people approved for bank loans on a waiting list, ready to buy. As an incentive to build more affordable homes, the county allows developers who do so to build extra "bonus" homes on the property.  The affordable homes will blend in with the style of the neighborhood so that they do not bring down the value of the neighborhood.

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