CDC details funding for Villa La Anse and Villas of Solana; asks CRA for continued support

During its presentation to the CRA board, the CDC laid out financing already in place for major housing developments and signaled the need for continued support from the CRA. For Villa La Anse, staff noted a phase‑1 CRA contribution of $2.3 million and reported that CDC equity and construction financing have been leveraged to advance the project; for Villas of Solana, the CDC listed a combination of a HOME grant, construction financing, bank grants and a bridge loan.

"For funds that have been leveraged for Villa La Anse, thank you very much for the 2,300,000 for phase 1. We've leveraged 4,500,000 in construction financing as well as 1,300,000 in CDC equity," the CDC representative said. She also listed support for Villas of Solana: "a $1,200,000 HOME grant, 2,300,000 in construction financing, $100,000 in grants from TD Bank, a $1,000,000 bridge loan from Housing Finance Authority of Palm Beach County, and $500,000 of CDC equity."

Commissioners asked for transparency about whether CRA contributions were loans or grants and whether additional CRA funds would be requested for phase 2. Staff said the $2,000,000 line item for phase 2 is included in the proposed budget and that procurement procedures will apply to construction spending. Several commissioners urged the CDC to pursue public–private partnerships to reduce direct CRA subsidy where feasible.