PALM BEACH COUNTY, FL - The Community Land Trust of Palm Beach County (CLT of PBC) has announced the appointment of Pinnacle’s Timothy P. Wheat as President of the Board of Directors. Wheat joined the CLT of PBC as a founding board member in 2006. A North Palm Beach resident, Wheat brings almost 35 years of affordable and workforce housing development and preservation experience to his position with an overall goal of increasing the permanent supply of affordable housing in Palm Beach County using the Community Land Trust model.
“After 13 years on the Board as a founding member, I’m honored and humbled to accept this important role,” said Timothy P. Wheat, President of the Board of Directors, Community Land Trust of Palm Beach County. “I look forward to leveraging my experience and collaborating with my fellow Board Members, our outstanding Executive Director and community partners to further enhance the Community Land Trust model, and carry out the CLT of PBC’s mission to increase the permanent supply of affordable housing in Palm Beach County.”
Wheat began his career as a housing planner in Palm Beach County government, moved to the non-profit sector and then into private for-profit development. He has overseen the development, financing and management of thousands of rental housing units in Florida and throughout the United States. In 2002, he joined Pinnacle, Miami-based innovators in affordable and market rate housing, where he currently serves as Regional Vice President overseeing successful and trend-setting developments across the state, including Pinnacle's partnerships to redevelop publicly-owned land into new, modern rental communities using innovative public/private partnerships. Wheat was appointed to the Federal Home Loan Bank of Atlanta’s Affordable Housing Advisory Council, where he served from 2013-2017, and presided as the Council’s Vice Chairman in 2016-2017. Wheat is a native Floridian and a Phi Beta Kappa graduate of Fordham University in the Bronx, New York.
About the Community Land Trust of Palm Beach County
Founded by Palm Beach County in 2006, CLT of PBC is a countywide community based non-profit organization with the sole purpose to build sustainable housing infrastructure comprised of permanently affordable rental and homeownership opportunities for current and future county residents. To date, the CLT of PBC has developed 61 permanently affordable CLT homes and 80 multifamily units and offers homebuyer counseling, credit and budget counseling, financial literacy classes, post-purchase counseling, financing and assistance programs. CLT of PBC also assists clients with obtaining first mortgage financing from partner lenders and stewardship, where CLT stands behind and “backstops” homeowners to help ensure the prospects of their success.
The CLT model leverages private dollars with state and federal grants and loans, and low interest mortgage loans to make permanently affordable housing available to qualified residents whose housing needs are not met by the traditional housing market. The CLT of PBC is typically donated land then utilizes state and federal grants as well as below market construction loans to design and build CLT homes.
CLT of PBC homes are sold on a first‐qualified, first‐served basis to income-eligible, mortgage and credit worthy residents whose savings cover the minimum applicant contribution required by the various programs the CLT home was partially funded with. When a CLT of PBC home is resold, the sales price is determined by a formula in the ground lease. The formula is designed to balance equity gain for the owner at the same time it sets a resale price that is affordable to the next buyer.
The CLT of PBC is operated by a Board of Directors reflecting a cross-section of community partners and CLT owners/residents. The Executive Director of the CLT of PBC is Cynthia LaCourse-Blum.
In South Florida, Pinnacle currently owns over 4,000 units including the newly completed Caribbean Village, a 123-unit modern, transit-oriented affordable housing community for seniors in South Miami Heights – the first-of-its-kind in 25 years and LaVida Apartments, the first “Class A” multifamily community within the Blue Lagoon commercial park consisting of 272 units; and is currently building Pinnacle at Peacefield, a 120-unit affordable transit-oriented community for seniors in Hollywood and Verbena, a 110-unit affordable transit-oriented community for families in the Leisure City Neighborhood. For more information, visit cltofpbc.org
About Pinnacle: Established in 1997, Miami-based Pinnacle is a full-service real estate development company that develops, builds, leases and owns affordably priced and luxury-styled apartment homes. With a development portfolio surpassing 9,000 units concentrated in Florida, Mississippi and Texas, the Pinnacle family of developers has grown into one of the most successful developers of quality rental housing in the United States.www.pinnaclehousing.com