SUNRISE, Fla. – Cannatelli Builders is pleased to announced that its consortium partner, the Community Redevelopment Agency (CRA) in Lake Worth, has been awarded a federal grant worth $23.3 million for renovating homes in a targeted area. The grant is specifically meant for use in purchasing and refurbishing some 130 residential properties within the city center.
As part of the agreement, the CRA together with its 20 non-profit partners and contractors should spend the amount within a fixed period. Half of the money should be spent in a period of two years while all necessary purchases should be completed in three years time.
Lake Worth Mayor Rene Varela is grateful and enthusiastic over this development saying that although the project is quite ambitious, they are positive about doubling or even tripling the investment. He expressed confidence that more private capital will come in to this home makeover project. City Commissioner Scott Maxwell himself echoed the same sentiment.
One of the major reasons why Lake Worth acquired a huge grant from the Housing and Urban Development (HUD) was due to its high rate of vacancy and foreclosures, a criteria covered under the agency’s Neighborhood Stabilization Program. The increase in the number of unoccupied and foreclosed homes was attributed mainly to the huge drop in home values at the height of the global recession last year.
In the target area alone where the CRA will focus its renovation efforts, there are currently 1,764 homes in place with about 130 of them in foreclosure and 206 in pre-foreclosure. However under the grant program, many of these properties will benefit from the rehabilitation works and many low income families will be able to acquire homes at a more affordable rate.
Specifically, the Lake Worth home makeover program has five objectives. These are to buy and rehabilitate 75 homes for resale; buying and renovating 25 properties for rentals; demolishing 10 homes that are no longer deemed in good condition; establishing a land bank of 30 lots that will eventually be developed into housing and providing incentives to law enforcement officers. The renovated homes and properties for resale and rentals will then go to buyers earning 50 percent and 120 percent or less of the median income in the area.
For their part, non-profit partner Adopt-a-Family of the Palm Beaches will sell homes to buyers eligible in its required income bracket while Habitat for Humanity plans to renovate homes and use some of the lots to build more new homes for people who meet certain income criteria.
The CRA’s executive director Joan Oliva also revealed their Cultural Renaissance Program still covered by the Lake Worth grant. This aims to bring in artists into the city as a way to encourage more business activities and maintain safe and sound neighborhoods.As a consortium partner, Cannatelli Builders will be involved in the architectural design and construction process of the homes to undergo refurbishment. Being a trusted and proven contractor, the company is capable of managing all types of home remodeling projects putting emphasis always on the quality of their work