Palm Beach County proposes $5 million homebuyer match pilot using developer in-lieu fees

Palm Beach County officials on Wednesday discussed a staff proposal to launch a homebuyer match pilot that would use $5 million from developer in-lieu fees to help working households buy homes.

Carlos Serrano, Deputy Director of Housing and Economic Development, told commissioners, "we were asking the board to allow us to allocate $5,000,000 of the in-lieu fees to this use," and described a dollar-for-dollar match of buyer cash contributions up to $50,000 per buyer. The funds would be provided as a county second mortgage forgiven after 15 years; borrowers must homestead the property within one year and the program would cover single-family homes, townhomes and condominiums located in Palm Beach County.

Why it matters: County staff said roughly $18 million is currently held in the in-lieu fee fund and the pilot is intended to increase homeownership without requiring new construction. Commissioners described the proposal as an attempt to convert existing for-rent inventory and developer buyouts into owner-occupied housing and to give buyers equity that other programs do not provide.

Program details and limits: Staff said buyers would need to be Palm Beach County residents or employed in the county and…