#Clipper cove apartments boynton code#

Clipper Cove has the potential to be profitable, said Jerry Cutrer, a consultant who structured the city’s proposal to RTC.Ĭornerstone and the Housing Partnership could see as much as $300,000 a year in revenue, after debt service is paid, and the city could receive about 25 percent of that amount, according to earlier estimates made by Cutrer. If the development loses money, the city will not be liable. In return, the two nonprofit agencies would give the city 28 percent of the yearly profits, which will be used to subsidize affordable housing in other parts of the city. Those agencies will repay the city the $500,000 down payment and hire a company to manage the complex.

#Clipper cove apartments boynton code#

The city plans to buy the complex for about $9 million, then resell it to the Cornerstone Housing Corp., and the Housing Partnership of Palm Beach County, two nonprofit organizations. Clipper Cove Apartments Boynton Beach in zip code 33436 1 - 2 Beds 1 - 2 Baths, and is for rent for 1,585. In August, Boynton Beach officials sweetened their offer by increasing the number of low-income units to 50 percent. Clipper Cove Apartments is a low and moderate income Boynton Beach rental community offering 1 and 2 bedroom floor plans with many resident amenities. Savona Grand has rental units ranging from 824-1515 sq ft starting at 2250. The 11 bidders were required to keep at least 35 percent of the rental units for low-income housing. See all available apartments for rent at Savona Grand in Boynton Beach, FL. “We wanted to make sure the property is maintained to the current ambiance,” said Wilfred Hawkins, assistant to the city manager. City offiicials feared a new owner might increase that to as much as 90 percent. About 35 percent of the Clipper Cove apartments are now subsidized.