Neighborhood Renaissance Receives Support for Affordable Rental Housing Initiatives
West Palm Beach, Florida – January 4, 2010. Neighborhood Renaissance, Inc. was the proud recipient of $50,000 from the Community Foundation for Palm Beach and Martin Counties, which was awarded to stem the tide of low-income tenant displacement and to help prevent homelessness. The grant was made possible through an endowment by the John S. and James L. Knight Foundation. We were one of eight nonprofit organizations to receive funds in this highly competitive funding round. All the programs funded are working to increase access to food assistance or to provide immediate shelter for either the homeless or those who could potentially become homeless.
The grant will be leveraged with additional capital funding from Palm Beach County’s Neighborhood Stabilization Program for multiple efforts we are undertaking to reclaim foreclosed properties as affordable rental and lease-to-purchase homes. Our first initiative is to acquire and renovate bank-owned properties located in unincorporated West Palm Beach. We are also assisting the Village of Wellington to purchase and rehab bank-owned properties in Wellington’s transitional neighborhoods for lease-to-purchase by low-income families. Secondly, efforts are underway to increase our capacity to preserve existing rental housing that is at risk of being lost due to disinvestment, market pressure, or expiring affordable housing restrictions. Many of these homes were originally built with public funding. It is our intention to acquire and upgrade these homes and maintain their affordability for future generations.
Founded in 1992, Neighborhood Renaissance is a comprehensive nonprofit community development corporation dedicated to creating and preserving strong neighborhoods and homes within the financial reach of low -and moderate-income working families. Originally based in West Palm Beach’s North End, the organization expanded its geographic service area county-wide. We have helped over 65 low-income households to become homeowners, provided housing counseling assistance to over 1,000 individuals and have built 33 affordable homes resulting in an $8 million investment in Northwood’s poorest neighborhoods. We have also provided small business assistance to over 150 low and moderate income entrepreneurs in the Northwood Village resulting in over 115 jobs. In addition, in partnership with the Westgate-Belvedere Community Redevelopment Agency we are in the process of developing 13 new affordable homes in the Westgate neighborhood. For more information about Neighborhood Renaissance’s affordable housing opportunities please call (561) 832-6776