Commissioner Woodward and county housing staff presented a proposal to pilot a Homebuyer Match Program that would use $5,000,000 from developer in-lieu fees to match buyer cash contributions dollar-for-dollar, up to $50,000 per buyer.

The program, as described by Carlos of the Department of Housing and Economic Development and director Jonathan Brown, would provide funds for down payment, closing costs, or points buy-down and would be secured by a county second mortgage whose principal would be forgiven after 15 years. Eligible properties would be single-family detached homes, townhomes or condominiums located in Palm Beach County. Buyers would be required to apply for a homestead exemption within one year of purchase, complete a homebuyer education course, and meet income limits proposed at 80'140% of area median income (staff cited roughly $93,000 to $156,000 for a four-person household). Staff noted there is approximately $18,000,000 in the in-lieu fund and that previous in-lieu activity has supported about 246 new homebuyers; staff said a current pipeline includes roughly 63 buyers tied to a Pulte/Boynton Beach CRA partnership.

Commissioner Woodward framed the proposal as a way to increase homeownership and create "generational wealth," saying the pilot is "a match, so we have people bringing skin in the game, and we will double theirs." Brown and other staff emphasized the approach is intended to leverage buyer contributions and existing housing inventory rather than fund new construction directly.

Commissioners focused discussion on operational details staff will return with for a future agenda. Key topics and points raised by commissioners and staff included:

- Eligibility and program differences: Commissioners asked how the pilot differs from existing SHIP and HOME programs. Staff noted SHIP and HOME often use 30-year liens and different resale restrictions; staff said this pilot would allow owners to keep equity appreciation and would not impose resale-price limits.

- Loan terms and portability: Staff explained the county lien could be repaid if the owner sells within the forgiveness term or transferred to another homesteaded property in Palm Beach County, which staff and several commissioners supported as a measure to promote upward mobility.

- Applicant selection and encumbrance period: Commissioners debated selection methods (strict first-come, first-served versus opening a fixed window and using a randomized lottery) and the appropriate period to hold matching funds while a buyer obtains financing. Staff noted typical mortgage timelines (45'60 days to close) and described extensions used in other county programs; commissioners suggested shorter encumbrance windows than some existing programs (several favored a six-month maximum with limited extensions, while others proposed up to a year or quarterly application rounds).

- Lender underwriting and credit counseling: Staff and a Bank of America representative said lenders set underwriting standards and that the county would not dictate creditor criteria; participants recommended pairing the pilot with credit counseling and homebuyer education so applicants can meet conventional underwriting standards without incurring risky, high-rate loans.

- Funding source and scale: Staff reiterated the in-lieu fee account currently holds about $18,000,000 and that the $5,000,000 pilot is a proposed initial allocation. Commissioners asked for clearer modeling of how many buyers the pilot could help at varying match levels and requested cost/benefit comparisons versus building new units with the same funds.

Board direction and next steps

Commissioners gave general support for pursuing a pilot while requesting staff return with more detailed program rules. Staff was asked to include: a proposed applicant-selection method (window and lottery mechanics if used), a recommended encumbrance period and extension policy, clearer lender partnership plans, verification steps to enforce homestead and primary-residence requirements (property-appraiser participation was discussed), program reporting, and an analysis of how the pilot would affect existing workforce and HOME/SHIP program applicants. Staff also agreed to provide data on the in-lieu fund balance, the existing exchange pipeline, and prior outcomes supported by in-lieu dollars.

Provenance: topicintro — "So we're gonna take, workshop session 4 a, the Homebuyer Assistance Program." (transcript timestamp ~09:21). topicfinish — "Okay. What we're gonna do now, we're we're now back to the regularly regularly scheduled agenda, and we're going to list listen now to the legislative agenda." (transcript timestamp ~98:37).