PALM BEACH COUNTY, Fla. — Palm Beach County is launching its first-ever homebuyer assistance program, matching up to $50,000 in down payment funds to help residents navigate the expensive housing market.
WATCH BELOW: 'Make sure you get everything in order ahead of time,' Carlos Serrano advises
The Homebuyer Match Pilot Program will distribute $5 million starting in March, with the goal of helping 200 families become homeowners.
The program comes as the median price for a single-family home in Palm Beach County has reached more than $600,000, pricing out many working families.
"We've got a large segment of our population, a large segment of the workforce that just can't afford that level of home," said Carlos Serrano, deputy director with Palm Beach County's Housing and Economic Development department.
Lindsay Bassoff has been renting for over four years with her dog Baxter and has watched costs climb annually.
"I will say the rent has been increasing dramatically every single year that I've been here, it's getting more expensive," Bassoff said. "The dream is so he (Baxter) can have his own back yard, so the goal is really a house."
Recent college graduate Amaya Burton echoes those concerns about affordability.
"I am looking to move out of Palm Beach County, it's too expensive here," Burton said. "I want to buy I want to purchase a home, I feel like I've out done the renting, but the increase in the market is high and the wages aren't matching it."
Eligibility Requirements
To qualify for the program, applicants must:
- Have a prequalification letter from a mortgage lender
- Live or work in Palm Beach County
- Not have owned a home in the last two years
- Meet income requirements between 80% and 140% of the area median income
The income ranges break down as follows:
- One-person household: $65,520 to $114,660
- Two-person household: $74,880 to $131,040
- Four-person household: $93,520 to $163,660
Application Timeline
The program will roll out in three phases:
- Round one opens in March with $2 million available
- Round two opens in July with $1.5 million available
- Round three opens later in 2026 with $1.5 million available
Selection will be through a lottery system.
Once the application portal launches, it will be open for about two weeks for people to submit their preapplications.
Staff will then select from that application pool in a lottery style for an opportunity to submit a full application.
Serrano advises potential applicants to prepare as the pilot program has already gotten a lot of interest.
"Make sure you get everything in order ahead of time," Serrano said. "Start shopping around with first mortgage lenders, determine exactly what you have the financial capability to afford, what kind of first mortgage you can afford and look at the other costs as well."
The housing department describes the initiative as the latest effort to address the county's housing crisis, where available affordable inventory gets purchased quickly.
"This is a little additional funding to help our working population get into a home that they otherwise may not be able to close the gap on the deal," Serrano said.
"I'm really excited for the number of deals we can assist 200 families become homeowners. I think that's a great thing," Serrano said.
If qualified, the money will be in a loan-style, which will be forgiven if the buyer stays in the home for 15 years. If a homeowner resells before 15 years, they can repay the county from sales proceeds, or transfer lien to next homestead property.
If you don't qualify or if you don't get selected for the lottery, Serrano advises people who need financial assistance to explore the county's other resources in homeownership, here.
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