Palm Beach County commissioners consider $5M homebuyer match pilot using developers'in-lieu fees

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…