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Riviera Beach CRA approves Exact Capital development agreement to build mixed-income and senior housing
Summary
The CRA approved a development agreement with Exact Capital and the Riviera Beach Housing Authority for a two-site project on Broadway: mixed-income/workforce housing on the east side and deeded affordable senior housing on the west side, with phased tax participation and performance safeguards.
The Riviera Beach CRA voted to approve a negotiated development agreement with Exact Capital and the Riviera Beach Housing Authority for development at a two-parcel site along Broadway, authorizing conveyance and long-term commitments to affordable and workforce housing.
Under the agreement, one parcel (the west side) will be deeded to the housing authority for an affordable senior housing project; the east parcel is a mixed-income project with market-rate and workforce housing components that will be sold to a private developer under a public-private partnership structure. The east-side package includes a $2,000,000 total compensation to the…
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