Cornerstone Group Delivers First Building in Second Phase of Townhome Community

Palm Beach, Fla.—The Cornerstone Group has announced the delivery of the first building in the second phase of construction at Preserve at Boynton Beach, a 180-unit townhome and villa community.

The first building consists of four villas and eight townhomes. Currently, 54 units in five buildings have been completed. Prices for the two- and three-bedroom residences range from $199,990 to $219,990.

When fully built out, Preserve at Boynton Beach, which is designed by Quincy Johnson, Jones, Myott, Williams, Acevedo, Vaughn Architects, will consist of 60 villas and 120 townhomes built in 15, three-story buildings and one community clubhouse. The two end units in each building are one-story flats, while the middle units are three-story townhomes. In all, four separate floorplans are available to homebuyers, with living space ranging from 1,070 square feet to 1,590 square feet.

The Cornerstone Group has established an exclusive recession-proof purchasing opportunity for income-qualified households to afford to own a home by obtaining an allocation of $2.5 million of CRA funds from the City of Boynton Beach, as well as $5 million of CWHIP (Community Workforce Housing Incentive Program) funds from the Florida Housing Finance Corporation. Both funds are for homebuyers who purchase at The Preserve at Boynton Beach.  

The CRA funds are for households that earn less than 120 percent of the area median income, and the CWHIP funds are for households earning up to 140 percent of the median income. These households can access CRA and CWHIP funds of up to $130,000 per household.
 
Monthly payments may total less than $1,000 per month. In addition, households earning from $30,000 to the CWHIP household income limits of $90,160 for a family of four, $97,440 for a family of five and $104,580 for a family of six may qualify to live at the Preserve at Boynton Beach. In addition, Cornerstone Group uses Homeownership Pool (HOP) Program funds from the Florida Housing Finance Corporation on standing inventory that provides up to 35 percent of the purchase price as a subsidy to the homebuyer.

Cornerstone Group has currently closed approximately 10 units at Preserve at Boynton Beach with HOP funds.

Onsite amenities include a clubhouse, swimming pool, pool deck, a children’s playground and a community park.

#The first phase of the project was completed in 2007. Phase II construction commenced in late 2008.