Palm Beach County commissioners back work on $5 million homebuyer match pilot using in-lieu fees

Palm Beach County staff asked commissioners to approve development of a Homebuyer Match Pilot that would use $5 million of the county's in-lieu workforce-housing fund to match homebuyers'cash 1-for-1 up to $50,000 per buyer.

The proposal, presented by Carlos Serrano of the Department of Housing and Economic Development and Director Jonathan Brown, would provide matching funds as a second mortgage forgiven after 15 years. Eligible purchases would be single-family homes, townhomes or condominiums located in Palm Beach County; buyers would be required to apply for homestead exemption within one year of purchase. The program would serve households earning roughly 80'2140% of area median income (for a four-person household, approximately $93,000 to $156,000 under staff figures) and operate on a first-eligible, first-served basis unless the board chooses a different selection method.

"We were asking the board to allow us to allocate $5,000,000 of the in-lieu fees to this use," Carlos Serrano said, laying out the principal terms and eligible costs: down payment, closing costs, rate buy-downs and…