PALM BEACH COUNTY, Fla. — Palm Beach County is preparing to launch a first-of-its-kind homebuyer assistance program, with $2 million available in its first phase to help residents purchase a home in one of South Florida's most expensive housing markets.
'I feel it definitely helps people out who want to buy a house here,' Sofia Garces tells WPTV's Joel Lopez
The Palm Beach County Homebuyer Match Pilot Program will offer up to $50,000 per selected applicant to cover down payment assistance, mortgage points buydowns, repairs, and closing costs.
Demand is expected to be high. The county will use a lottery system to select the 60 people who will participate in Phase 1.
Virtual voluntary orientations begin next week.
Pre-Application Orientations listed below:
• Thursday, March 12 at 10 a.m.
• Tuesday, March 17 at 2 p.m.
• Thursday, March 19 at 8 a.m.
• Tuesday, March 24 at 3:30 p.m.
The pre-application portal opens March 30.
To qualify, applicants must meet income requirements based on household size:
- One-person household: $65,520 to $114,660
- Two-person household: $74,880 to $131,040
- Four-person household: $93,520 to $163,660
Approved homebuyers will need to put in at least $10,000 towards buying a single-family home (with a price cap of $700,000) or a townhome/condo (with a price cap of $325,000).
The pilot program has a total of $5 million that will be distributed in phases later in the year.
WATCH BELOW: House hunting? Palm Beach County has $5 million to assist buyers
Sofia Garces, who was visiting her parents in the area, said the program comes at a critical time for residents like herself.
"The cost of living has definitely gone up," she said.
Garces said she and her family are actively looking to buy.
"I feel it definitely helps people out who want to buy a house here," she said. "We're looking for this year to start looking to buy a house."
When asked about the full scope of costs that come with homeownership, Garces acknowledged the financial weight of the decision.
"It's definitely a lot of expenses," Garces said. "I guess it just depends on your budget."
Cole Quin, rents an apartment in Abacoa.
Real Estate News
House hunting? This county has $5 million to help buyers
"I'm from St. Louis. I moved down four years ago. My goal is to own a property one day," he said.
Quin said he has noticed the cost gap between South Florida and where he came from.
"Houses here are definitely more expensive," he said.
After learning about the program, Quin said he plans to look into it.
"It sounds like a great program, definitely sounds like it could be useful," he said.
When I asked if he planned to check it out, Quin was direct.
"Definitely," Quin said
If you'd like to attend, the Virtual Pre-Application Orientation WebEx Link is:
https://pbc-gov.webex.com/pbc-gov/j.php?MTID=m85233c009fe20ffc5abde0050228d76e
Meeting Number (access code): 2318 510 4449 Password: V3UfV5CGSh3
or dial 1-904-900-2303 or (844) 621-3956