We have been in business for over 37 years and take pride in building beautiful communities and providing affordable housing.” We are grateful for the opportunity to be part of the new and exciting plans for the City of Boynton Beach. Lewis Swezy, President of OBEAL, says, “We have been looking forward to this day for a long time. These efforts will include hosting a job fair and providing employment opportunities within the community. The estimated construction period for the project is about 20 months from the issuance of the required permits.Īs part of the purchase and development agreement with the CRA, OBEAL has also committed to prioritize the use of local contractors, sub-contractors, and to hire local residents as a part of the development operations team. Construction is anticipated to begin immediately following site plan and building permit approvals from the City. Eligible applicants must earn household incomes of no more than 33% or 60% of Area Median Income to qualify. The collaboration between the FHFC, City, CRA, and OBEAL, will result in quality modern affordable units at projected monthly rents of $392 to $782 for a one bedroom, $469 to $937 for a two bedroom and $535 to $1,075 for a three bedroom unit. The urban infill project will consist of 3-story affordable multi-family rental apartment buildings, recreational amenities, upgraded landscaping, and associated parking, in addition to about 990 square feet of ‘flex space’ to be used as the Neighborhood Officer Program (NOP) office and a community center. The money received from the sale of the property may be used by the CRA to support other affordable housing, economic development, infrastructure, or removal of slum and blight initiatives, as allowed by Florida Statutes in furtherance of the CRA Plan. ![]() The award of the FHFC funds will leverage the City and CRA’s $567,500 local contribution and allow OBEAL to use $800,000 towards its land acquisition cost for the 4.3 acre site purchased from the CRA. ![]() A Housing Credit allocation to a development may be used for ten consecutive years once the development is placed in service and affordability is maintained for a period of 50 years. The Program is designed to assist for-profit and non-profit organizations by applying a dollar-for-dollar reduction in their federal tax liability in exchange for the construction of new low and very low income rental housing units. The 9% Low Income Housing Tax Credit Program is the federal government’s primary program for encouraging the investment of private equity in the development of affordable rental housing for low and very low-income households. Of the 33 applications received, six were from Palm Beach County. The Ocean Breeze East site was among 25 eligible sites, among six of the seven largest counties in Florida that competed for the estimated $14,601,863 of Annual Housing Credits available in 2017. OBEAL, a for-profit affordable housing developer from Miami Lakes, was the successful respondent to the CRA’s Request for Proposal and Developer’s Qualifications (RFP/RFQ) for the CRA-owned 4.4 acre Ocean Breeze East site in August 2017. (a/k/a Ocean Breeze East Apartments, LLC, OBEAL) $2,700,000 in Annual Housing Tax Credits for ten years from its 9% Low Income Housing Tax Credit allocation to build a multi-family apartment complex consisting of 123 units. ![]() On July 27, 2018, the Florida Housing Finance Corporation (FHFC) awarded RS Development Corp. Follow us on Facebook & Instagram for updates Call (410) 641-TOUR for additional information.Boca Raton, FL – New affordable apartments are coming to the Heart of Boynton community. Oceans East offers one, two and three bedroom luxury apartments which feature dual master suites, spacious interiors with large walk in closets in every room, high ceilings, abundant natural light, double vanities with marble sinks and private balconies. Starting from your first steps in the landscaped central courtyard to the sun-swept entry way to your new apartment, you'll know you've found your perfect home. This brand new luxury apartment community has current availability, but space is limited! From the welcoming, light-filled clubhouse and state of the art gym and pool, to the en suite laundry facilities and spacious, airy kitchens, our community offers an ideal blend of functional luxury. Located in beautiful Berlin, Maryland, local charm and salt air inspire this upscale community focused on encouraging you to relax while everything is taken care of for you. Luxury Living in a Coastal Location! We are now distancing but still listening, contact us to schedule your virtual or contactless tour of your new luxury apartment home! Welcome to Oceans East Luxury Apartment Homes.
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