Building a Community, Growing Opportunities
PNC's financing of the Village at Delray not only helped create 144 units of housing for working families earning 60% or less of the median income in Palm Beach County, it also created an opportunity for youth to learn new skills that can lead to sustainable careers.
The three garden-style apartment buildings that make up the Village at Delray were built with the help of young citizens from the area. A voluntary apprentice program supported by project contractors and subcontractors included development, structural, air conditioning, plumbing, landscaping, safety training and jobs for 13 young men. The development also created 200 construction jobs for county residents.
The apartments are already 100% leased and the 8,000 sq ft clubhouse with its dedicated non-profit service area, cultural center, computer lab and swimming pool was opened with great fanfare in March, 2011. The development is designed to be both energy efficient and hurricane resistant and features a comprehensive security plan developed in conjunction with the Delray Beach Police Department.
Financing for the $30 million project was complex and included low income tax credits, TCAP stimulus funding and a $750,000 low interest loan from the county. It took five years and the efforts of the City of Delray Beach, Palm Beach County, many elected officials and community leaders as well as the office of then-governor Charlie Crist to guide it to completion.
The effort was worth it. Delray Beach mayor Woodie McDuffie called the Village "A beautiful, thriving community that will be a catalyst for the transformation of the neighborhood."