Rental Preservation Program
The goals of the Neighborhood Renaissance Rental Preservation Program are to save and upgrade existing rental housing and to reclaim vacant/foreclosed properties for permanently affordable housing. Demand for decent and affordable rental housing is high in Palm Beach County due to condo conversions, the number of foreclosed homeowners newly entering the rental market, and the loss of rental properties to foreclosure. The loss of smaller 1 – 4 unit rental properties is troubling for several reasons. These properties are often more affordable than apartments in newer, multi-family developments, which have relatively more amenities. Furthermore, 1- 4 unit rental homes typically accommodate large families that do not fit comfortably into large multi-family complexes.
We have targeted the preservation and upgrading of rental properties for occupancy by low-income working families at risk of becoming homeless and who have the most difficulty finding and keeping decent and affordable housing. We also seek to preserve affordable rental properties with convenient access to public transportation, near job centers and which are located in established neighborhoods. This strategy will help to stem the tide of low-income working families being displaced during the foreclosure crisis and preserve affordable rental homes for the long-term.