This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Lake Worth Community Redevelopment Agency Successfully Expended More Than 100% Of Its $23,237,500 Grant

LAKE WORTH, Fla., Feb. 13, 2013 /PRNewswire/ -- The Lake Worth Community Redevelopment Agency, along with its eighteen Neighborhood Stabilization Program 2 Consortium Partners, is proud to announce that it has successfully expended more than 100% of its $23,237,500 grant within the three year grant period ending February 11, 2013. 

While giving its residential Target Area a considerable aesthetic facelift, assuring affordable home ownership and rental opportunities to its beneficiary families, the target area has been relieved of many destabilizing elements to include dilapidated and illegally-partitioned homes, and foreclosed and vacant structures serving as havens for illegal activity.

The Consortium's efforts lead to hundreds of contracts with local businesses while creating/saving more than two hundred (200) full time equivalent jobs over the grant period.  In keeping with requirements to show preferences to low income residents (earning not more than 80% of the Area Median Income) the Consortium expended more than twenty-six percent (26%) of eligible subcontracting dollars with Section 3 businesses and residents, greatly exceeding the HUD goal of ten percent (10%).  Additionally, the Consortium provided counseling and training opportunities for interested businesses and residents, resulting in sixteen individuals, including five Section 3 residents receiving certificates in Green Building Techniques from Palm Beach State University.

By the grant end date, the Consortium had rehabilitated or constructed ninety-seven (97) housing units, composed of seventy three (73) homes for sale and twenty four (24) rentals, while acquiring sufficient properties to output and additional fourteen (14) properties over the next couple of years. The grant also was able to provide for much needed City infrastructure including new water, sewer and gas lines and sidewalks where previously none existed.  

The CRA's signature project, the Arts Lofts, is now complete. These for-sale units contain up to 2650 sq ft of livable space which includes a downstairs work studio and an upstairs living area in the heart of downtown Lake Worth.

Further, the Consortium was able to facilitate the upcoming development of a 55-unit affordable, green building rental development, not only to help alleviate the area's need for safe, affordable rental housing, but to use land which has long been vacant and underutilized property on one of the City's Gateways.  Collectively, the Consortium has removed approximately one hundred (100) foreclosed properties from the County's backlog, putting as many as one hundred forty two (142) housing units back on the tax rolls, while affecting a total of one hundred sixty six (166) properties, greatly exceeding its goal of one hundred (100) housing units and thirty (30) land banks.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs