PALM BEACH COUNTY, Fla. — A matching grant program in Palm Beach County aims to help working residents become homeowners as affordability remains a top concern across South Florida.
Palm Beach County is opening applications this month for a home-buying assistance program that can offer matching grants ranging from $10,000 to as high as $50,000 for eligible residents.
WATCH BELOW: Home-buying assistance: When you can apply in Palm Beach Co.:
The program is aimed at working residents who meet certain income requirements and are not currently homeowners.
The money can be used for an array of items, including downpayments, repair or closing costs.
"The home buyer match pilot program is designed to help a large swath of our working population who are not currently homeowners to become homeowners," Carlos Serrano, Palm Beach County director of strategic planning.
Serrano outlined that eligibility is limited to those within certain income limits. The county expects a high volume of interest in the program.
"We anticipate a large number of pre-applications, then from those pre-applications we'll randomly select a limited number, 60, to process further on and take them through the full application and eligibility determination process," Serrano said.
The program comes as affordability remains one of the biggest hurdles for prospective homebuyers across South Florida.
WPTV spoke with resident Julie Faust about the difficulties of trying to buy a home in the region.
"Everything is too expensive," Faust said. "I mean, if you're making $40,000 a year, what will you buy? You can't even afford to pay rent for $40,000 a year."
Affording a home is also getting new attention at the state level. State Rep. Jervonte Edmonds' HB 311 would offer corporate tax credits to companies that provide up to $5,000 to employees for deposits or closing costs for their first homes. The bill is now part of the Florida House budget.
"I think everyone understands that affordability is the main topic here. We want to create the American dream, and that's what we're framing this as. We're giving people the opportunity to have the American dream again and live local," Edmonds said.
Online pre-applications for the Palm Beach County program open March 30 and close April 20.
Click here to learn more about how you can apply.
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