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Choose your city:
| Countywide Programs | Belle Glade | Boca Raton | Boynton Beach |
| Delray Beach | Lake Worth | Riviera Beach | West Palm Beach |
CITY
OF BELLE GLADE PROGRAMS
Contact:
Barbara Bell-Spence
561-996-0100
110 Dr. Martin Luther King Jr. Blvd.
Belle Glade, FL 33430
barbara@belleglade-fl.com
www.belleglade-FL.com
Community Development Program
A residential rehabilitation and neighborhood preservation program for Belle Glade residents that assists qualified homeowners in making necessary housing repairs. Upon inspection of the home it will be determined whether the homeowner will receive Emergency Repair Services, General Rehabilitation or Full Rehabilitation funds. Emergency repairs are those that correct problems that threaten the health and safety of the occupants, as opposed to General Repairs/Rehabilitation which can deal with improvements to the aesthetic value of the property. If the cost of the repair work is more than 50% of the worth of the home, a Full Rehabilitation may be granted. The assistance will be in the form of a 10-year deferred loan. General qualifying criteria as defined by guidelines are:
- Applicant must be owner of the property
- Applicant must reside at the property
- Property must be sub-standard and be located in the unincorporated area of Palm Beach County, Florida, or be located within the City limits of a municipality having an agreement with Palm Beach County.
- Property must consist of no more than four dwelling units and be entirely used for residential purposes with one unit occupied by the applicant
- Property must be permitted to have number of units to be rehabilitated
- Applicant's household, based on household income by household size, is a low-to-moderate-income household
- Applicant's property tax obligation must be current at a time of approval.
- Rehabilitation must be determined to be necessary and feasible and the cost of repairs must be within guidelines
- Compliance with all other applicable requirements herein
Infill Housing Development Program
First-time homebuyer
program available to qualified applicants for new construction and existing
single family homes. The City provides vacant, city-owned lots to first-time
homebuyers by "writing down" the cost of the lots. Mortgages
are obtained through Belle Glade’s team of mortgage providers. The
loan is in the form of a 10-year forgivable loan, thus if the home
is kept as a principal residence for 10 years then payback is forgiven.
Community Revitalizing Initiative Program (C.R.I.P.)
This program provides an opportunity for decent, safe, affordable housing and suitable living environments, for households determined to be very low, low and median income levels. It utilizes the expertise and resources of various affordable housing providers throughout the City of Belle Glade in order to provide homeownership opportunities to eligible homebuyers through new construction and acquisition/rehabilitation of existing homes. One of the many benefits of this program is to give potential homeowners access to construction financing through a partnership of consortium of lenders, which includes lending institutions involved in the underwriting and financing of affordable housing.
WE
HELP COMMUNITY DEVELOPMENT CORPORATION (CDC)
Contact: Dorothy M. Walker
561- 993-0085
349 SE 3rd Street
Belle Glade, FL 33430
wenniem@aol.com
www.wehelpcommunities.org
Self-Help Housing Program
Available to first-time homebuyers who participate in the construction of their homes, receiving credit for sweat equity. 25 units will be built over a period of two years in the Belle Glade, Pahokee and South Bay area. To be considered for this program, low to moderate income applicants may contact the We Help CDC.
We Help Scatter Sites Development Program
Single-family detached
homes located throughout the cities of Belle Glade, Pahokee and South
Bay. The units will consist of 3 and 4 bedrooms with 2 baths, and a one
car garage. Homes are set aside to accommodate the elderly, disabled and
farm workers. To be considered for this program, applicants may contact
the We Help CDC.
Abidjan Estates Development
Named after a city
in Ivory Coast, Abidjan Estates is designed as a Green Community.
172 new single-family homes and 168 multi-family rental units for qualified
local lowresidents will be constructed. Amenities include a community
center, park, office space and retail shops, swimming pool, children's
playground as well as tennis and basketball courts. To be considered for
this program, low- to moderate-income applicants may contact the We Help
CDC.
Credit & Budget Counseling
One-on-one
credit counseling is provided to individuals who are interested in managing
and repairing their credit prior to purchasing their first home. Contact
the We Help Community Development Corporation to learn more about educational
courses that are offered.
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CITY OF
BOCA RATON
Contact: Mary Haggerty
561-393-7797
201 W. Palmetto Park Road
Boca Raton, FL 33432
mhaggerty@ci.boca-raton.fl.us
www.ci.boca-raton.fl.us
State Housing Initiatives Partnership
A first-time homebuyer program that provides purchase assistance to qualified applicants in the form of a loan. This loan may be used for down payment and/or closing costs and rehabilitation expenses.
Rehabilitation costs may be awarded if it is in combination with the SHIP down payment/closing cost assistance program. The loans are zero interest, deferred-payment second mortgages that are forgiveable provided the homeowner lives in the home continuously for 15 years. Buyers must qualify for a first mortgage from a private mortgage lender.
General qualifying criteria as defined by guidelines are:
- Applicant must be first time home buyer
- Annual income, SHIP funds awarded depends on the applicant's income category
- Must have bank account and show that the average balance of assets during the 3 month period prior to the date of application is at least at specified amounts
- Applicant’s household cannot currently own nor have assets exceeding stated amounts
- Applicant must invest a minimum amount toward the purchase of their home, defined by guidelines
- Single family home, townhouse or condominiums are eligible through the program
- Total purchase price cannot exceed guideline requirements
- Property must be located in the City of Boca Raton zip code
CITY
OF BOYNTON BEACH
Contact: Brenda Cornelius
561-742-6066
100 E. Boynton Beach Blvd.
P.O. Box 310
Boynton Beach, FL 33435
corneliusb@ci.boynton-beach.fl.us
www.boynton-beach.org
State Housing Initiatives Partnership
A first-time homebuyer program that provides purchase assistance to qualified low to moderate income applicants. Eligible applicants can receive up to $75,000 in the form of a zero interest, deferred-payment GAP Financing loan for down payments, closing costs and rehabilitation costs. Eligible properties include homes, townhouses, and condominiums (mobile homes are excluded). Buyers must qualify for a first mortgage from a private mortgage lender. General qualifying criteria as defined by guidelines are as follows:
-
First time home buyer (co-signers are not allowed)
-
Total household income does not exceed defined limits, and assets don't exceed $15,000
-
Applicant must invest a minimum amount toward the purchase of their home
-
Monthly housing expenses are within designated amount
Priority will be given to Households with dependent children, those currently receiving Section 8 rental assistance or residing in Boynton Beach public housing, households desiring to purchase property in the CDBG target area, and applicants who are disabled adults or elderly.
The Residential Loan Program
A program developed to assist eligible single family homeowners who occupy substandard housing units with funds to renovate their home. Types of renovations such as building and code violations, interior and exterior building, electrical and plumbing problems, and health and safety issues are items to be repaired. A zero interest, forgivable, deferred payment loan up to a maximum amount is determined by the program. Qualifying criteria include:
- Applicant must live in the home
- No other property is owned by the applicant
- Total household income does not exceed income limits, defined by guidelines
BOYNTON
BEACH FAITH BASED COMMUNITY DEVELOPMENT CORPORATION (CDC)
Contact: James Horne
561-752-0303
P.O. Box 337
Boynton Beach, FL 33425
Homebuyers Club
Provides one-on-one, pre-purchase home buying counseling that assists families in overcoming barriers to becoming homeowners. The Homebuyers Club also offers educational workshops on the subject of credit repair, banking/loans, money management, down payment assistance and finding a home. By working with and fostering good working relationships witih title and lending institutions the Boynton Beach Faith Based Community Development Corporation is able to help future home owners remedy credit problems and achieve homeownership.
BOYNTON BEACH COMMUNITY REDEVELOPMENT AGENCY
915 S. Federal Highway
Boynton Beach, FL 33425
561-737-3256
Homebuyer Assistance Program (HAP)
In an effort to assist more families with purchasing a home, the CRA has implemented the Homebuyer Assistance Program. Program funds can be layered with the City's SHIP Down Payment Assistance Program to provide gap financing to families. If SHIP funds are unavailable, HAP funds can be used as the sole source of down payment assistance as long as applicants meet all SHIP criteria as set by the City of Boynton Beach.
Program Guidelines:
- Funding is on a first-come, first-approved basis
- Applicants must meet all of the qualification criteria of the SHIP Down Payment Assistance Program. HAP qualifications will be conducted by the City's Community Improvement Department or a Community Housing Development Organization. A request for HAP funds must be made on the applicant's behalf by either the City or CHDO.
- Purchase Price not
to exceed $280,462
- New Home Construction Loans - the value of the City/CRA lot awarded to homebuyer is excluded from the CRA/City subsidy amount, but is included in the permanent mortgage encumbrance.
- Eligible Properties include existing, single-family homes, construction of new single-family homes, townhomes and condominiums located within the CRA.
- Funds may be used for down payment and closing costs and/or rehabilitation costs (if required to bring the home up to code)
- Families with dependent, minor children; persons working in Boynton Beach, and applicants employed in the "essential services" sectors (educators, police, firefighters, healthcare workers and skilled building trades) will receive preference.
- Income from all adult members of the household will be included in the computation of gross income.
- City and CRA funding shall not exceed 40% for moderate income buyers and 50% for low income buyers of the purchase price. The actual amount of funding awarded shall depend upon the funding gap. In no case shall CRA funding be awarded above the funding gap amount or $50,000.00. Rehabilitation expenses related to bringing the home up to code may be included up to $50,000.
- Applicants must be first time homebuyers, with no previous homeownership within the past three years at the time of application.
- Funds shall be in the form of a 0% second mortgage behind the first mortgage. If SHIP funds are used, CRA funds will be in the form of a third mortgage behind the City of Boynton Beach's encumbrance. Repayment of the CRA funds will not be required if the home is resold to an income qualified buyer.
CITY
OF DELRAY BEACH
Contact: Ferline Mesidort
561-243-7236
100 NW 1st Avenue
Delray Beach, FL 33444
mesidort@ci.delray-beach.fl.us
www.mydelraybeach.com
Housing Renaissance Program
A first time homebuyer program available to applicants who have traditionally been unable to obtain private mortgage loans. The program was developed to increase homeownership opportunities, improve the condition of existing housing units and contribute to Delray City’s overall neighborhood improvement efforts. The dwelling must be a single family home permitting fee simple ownership. A private lender will provide as much of a mortgage loan as the applicant can afford and the City will subsidize the remainder of the purchase price with available grant funds. This program features below market interest rates, no points or loan origination fees, 30-year fixed mortgage rates, no PMI, deferred gap financing and closing cost assistance through 0% interest deferred loans held as a second mortgage. Homebuyer education, training, credit counseling and repair are also part of the assistance. The subsidies are provided in the form of a second mortgage and forgivable. The forgivable no interest loan will be made for “gap” financing purposes, principal reduction, payment of closing costs and impact fees.
The main qualifying criteria as defined by guidelines are as follows:
- A first time homebuyer includes displaced homemakers, single parents and families who have not owned a home within 3 years of the date of application for housing assistance
- New construction properties must be located in the CBDG target area. Existing unit purchases with rehabilitation are Citywide
- The applicant must contribute a minimum amount to the total purchase price at time of closing
- Must meet lender’s credit standards
- Total household income must not exceed maximum federal income limits
- Assets must not be above a specified level. If so, an additional contribution will be needed on the part of the buyer
- Housing expenses cannot exceed a specified percentage of gross monthly income unless approved by primary lender
Housing Rehabilitation Program
This program provides grants to eligible households for the renovation of existing substandard homes. Types of renovations such as building and code violations, interior and exterior building, electrical and plumbing problems, health and safety issues, and special items for those with special needs. After an applicant is approved for eligibility, the City’s Community Development Division administers the program, obtains competitive bids from licensed contractors, takes care of inspection, and issues payment directly to the contractors upon completion. The State Housing Initiatives Partnership and Community Development Block Grant provides the funding for this program. The grant awarded to the recipient will be in the form of a secured promissory note and forgivable over a period of 10 years. If the owner/occupant sells or transfers the property, the grant will come due.
General qualifying criteria as defined by guidelines are:
- Meet the annual limitations adjusted to family size for Palm Beach County
- Be the owner/occupant of a single family unit located within the boundaries of the CBDG Target Area
- Demonstrate need to conduct improvements that are eligible rehabilitation activities
- Project costs do not exceed $35,000 or 51% of the value of the unit
- Be able to show that mortgage payments and taxes are up to date
- Be able to provide proof of current homeowners insurance
Bootstrap Program
A home improvement program designed to assist owner/occupants of residential properties located within the boundaries of the rehabilitation designated area to improve the exterior of their home. Improvements may include painting, replacing windows, shutters, screens, roof repairs, landscaping, fence repairs, etc. Applicants are eligible to receive a full or matching grant. Grants awarded will not be subject to the City of Delray Beach’s recapture requirements.
Qualifying criteria as defined by guidelines are:
- Qualify according to the annual income limits set by Palm Beach County
- Be a owner/occupant of a single family unit located within the boundaries of the Bootstrap Program area
- Demonstrate need of improvements that are consistent with program activities
- Be able to show that mortgage payments and taxes are up to date
- Be able to provide proof of current homeowners insurance
Housing Emergency Repair Program
A grant program made available through the City of Delray Beach for very low, low, and moderate income households. The purpose of the grant is to alleviate emergency, severe deterioration, and safety health issues. After an applicant is approved for eligibility, the City’s Community Development Division administers the program, obtains competitive bids from licensed contractors, takes care of inspection, and issues payment directly to the contractors upon completion. The Community Development Block Grant funds this program and awardees are not subject to the recapture requirements placed by the City.
The main qualifying criteria as defined by guidelines are as follows:
- Qualify according to the annual income limits set by Palm Beach County
- Be a owner/occupant of a single family unit located within the boundaries of the CDBG Target Area
- Demonstrate need of improvements that are consistent with program activities
- Be able to show that mortgage payments and taxes are up to date
- Be able to provide proof of current homeowners insurance
DELRAY
BEACH COMMUNITY DEVELOPMENT CORPORATION (CDC)
561-266-9840
400 West Atlantic Ave., Suite 200
Delray Beach, FL 33444
Delray Beach CDC's First-Time Buyer’s Program
A first time homebuyer assistance program for qualified applicants that utilizes SHIP funds. It provides purchase assistance to qualified first time buyers, in the form of a zero interest, forgivable, deferred-payment loan for down payments, closing costs, gap financing and rehabilitation. Buyers must qualify for a first mortgage from a private mortgage lender.
The main qualifying criteria as defined by guidelines are as follows:
- First time home buyer
- Total household income does not exceed maximum income limits
- Applicant must invest a minimum amount toward the purchase of their home, defined by guidelines
- Monthly housing expenses are within designated amount
- Must enroll in at least an eight-hour Homebuyer’s Education Program
Credit Counseling
Delray Beach Community Development Corporation provides credit counseling to individuals who are interested in managing and repairing their credit. To learn more about educational courses that are offered, contact this agency.
Lake Worth Community
Development Corporation (CDC)
Contact: Nancy Edwards
561-582-5536
1701 Wingfield Street
P.O. Box 147
Lake Worth, FL 33460
lakeworthcdc@bellsouth.net
www.lakeworthcdc.com
First time Homebuyer Program
A first time homebuyer assistance program for qualified applicants that utilizes HOME or SHIP funds. HOME funds are available to qualified first-time buyers in the form of a 10 year forgivable loan with 10% forgiven each year. If SHIP funds are used the full amount of the loan will be due on sale regardless of how long the homeowner occupies the dwelling. Both programs require that the buyers qualify for a first mortgage from a private mortgage lender.
General qualifying criteria as defined by guidelines are:
- First time home buyer
- Total household is within the HUD guidelines
- Applicant must invest a minimum required amount toward the purchase price of their home, defined by guidelines
- Monthly housing expenses are within a designated amount
Infill Housing
First time homebuyer
may also be qualified for newly constructed infill housing in the City
of Lake Worth such as the Osbourne Community. In this case, the Lake Worth
CDC builds and sells the house to the applicant at an affordable price.
The applicant must qualify for HOME or SHIP funds to participate in the
Infill Housing program.
The Lake Worth CDC also offers educational workshops on credit counseling and for first time homebuyers.
ADOPT A FAMILY
1712 Second Avenue North
Lake Worth, FL 33460-3210
561-253-1370
Community land Trust
As a method to ease the housing crisis for struggling, hardworking families who earn less than 60% of the median income in Palm Beach County, Adopt A Family introduced a Community Land Trust (CLT). The CLT helps income-qualified families purchase homes at an affordable price while the land beneath the home is leased to them through a long-term renewable lease. By retaining ownership on the land, the CLT is able to greatly reduce the costs of purchasing and owning a home.
In addition, the CLT also offers support to homeowners including finding practical solutions to problems such as unexpected home repairs and financial setbacks. In addition, services such as homebuyer workshops, childcare, and training programs are available to CLT families.
CITY
OF RIVIERA BEACH
Contact: John Green
561-845-4060
600 West Blue Heron Blvd.
Riviera Beach, FL 33404
jgreen@rivierabch.com
www.rivierabch.com
Neighborhood
Improvement Program
This program provides City funds to improve the appearance of homes in
the Riviera Beach area. In conjunction with the Infill Housing Program,
the Neighborhood Improvement Program provides landscaping, signage, demolition,
paint, etc. in order to blend existing residential structures with the
newly constructed homes. Applicants must be owners of the dwelling and
are subject income limits.
Infill Housing Development Program
The City of Riviera Beach's first time homebuyer program which is available to qualified applicants for newly constructed single family homes. City funds will be used to acquire residential lots throughout the City, order surveys and appraisals, conduct title searches, provide down payment assistance, and maintenance of these vacant lots until built. Down payment assistance is administered through the SHIP or HOME funds program. Through this program first time homebuyers may also purchase existing homes. General qualifying criteria as defined by guidelines are:
- First time home buyer
- Total household income does not exceed maximum income limits
- Home must be located within the City of Riviera Beach
- Applicant must invest a minimum amount toward the purchase of their home, defined by guidelines
- Monthly housing expenses are within designated amount
- Must enroll in a six to eight hour Homebuyer's Education Program
Housing Rehabilitation Program
This program provides
grants for the renovation of existing substandard homes of eligible households
and elderly residents. The types of renovations that are considered under
this program are housing and roofing repairs, minor electrical problems,
paint and some minimal housing improvements. To be considered for this
program the applicant must visit the City of Riviera Beach, fill out an
application, submit income verification documents and show proof of their
social security number. Following an initial review, an inspector will
inspect and provide an estimate of the property. The inspector’s
quote will then be forwarded to a contractor for review and completion
of repairs.
NORTHWEST
RIVIERA BEACH COMMUNITY REDEVELOPMENT CORPORATION (NWRBCRC)
Contact: Mary Johnson
561-845-1147
2001 Broadway, Suite 510
Riviera Beach, FL 33404
mjohnson@nwrbcrc.org
www.nwrbcrc.org
Pre-Qualification
As a first step in the home buying process, NWRBCRC staff will carefully assess an individual to determine readiness and ability for a mortgage loan.
Individual Development Account (IDA) program
The Individual Development Account Program is a savings program with a 2 to 1 match toward the client's total savings. The first time homebuyer must save a minimum amount within a specified time period in order to receive the matching funds. This money can only be used toward the transaction cost of buying a home. Contact the NWRBCRC for more information on this program.
Down Payment Assistance Programs
Through NWRBCRC, first time homebuyers in the low to moderate income bracket can obtain subsidy or gap financing in the form of a second mortgage. Subsidy programs such as SHIP, HOME and other funds can provide thousands of dollars in assistance. Gap financing funds such as AHP and LISC can provide additional funding above the subsidy programs. Contact the NWRBCRC for more information on this program.
Credit & Budget Counseling
NWRBCRC provides one-on-one credit counseling to individuals who are interested in managing and repairing their credit prior to purchasing their first home. Information on these programs is available by contacting the NWRBCRC.
Homebuyer Workshop
NWRBCRC offers
homebuyer workshops to individuals who are seeking to purchase a house
using the down-payment assistance programs. The workshop covers the home-buying
process, pre and post closing issues, mortgage qualification, and how
to access to government grants. The workshops are given in English and
Creole. To learn more about educational courses that are offered, contact
the NWRBCRC.
New Construction & Rehabilitation
NWRBCRC has developed new construction and rehabilitation projects in the Northwest Riviera Beach area. The homes include quality designs and landscaping that are affordable. Visit the NWRBCRC website for future residential projects.
CITY OF WEST PALM BEACH
Contact: Charles Durkin
561-822-1259
200 2nd Street
West Palm Beach, FL 33401
cdurkin@wpb.org
www.cityofwpb.com
First Time Home Buyer and Mayor's Renaissance Fund Program
First time homebuyer assistance program that offers no down payment, below market interest rates, no points, reduced loan fees, individualized assistance throughout the home purchasing process, and pre-purchase training if the home is within City limits. Subsidies are provided in the form of a second mortgage that is forgivable over the course of 10 years. General qualifying criteria include:
- First time home buyer
- Purchase a home within the corporate limits of West Palm Beach and have it be the primary residence
- Total household income does not exceed maximum income limits
- Applicant must invest a minimum required amount toward the purchase price of their home, defined by guidelines
- Satisfactory credit history
- Monthly housing expenses are within a designated amount
- Must be a legal US residents with permanent work permit
Housing Rehabilitation Program
Provides funds for repairs and rehabilitation of housing units owned and occupied by qualified residents. The program is available to homeowners who have a home in need or repair/rehabilitation and who meet the income guidelines and additional requirements. There are two components of the program, Emergency Repair Services and General Rehabilitation. Emergency repairs are those that are conducted to correct problems that threaten the health and safety of the occupants. General Repairs/Rehabilitation deals with corrections and improvements for aesthetic value. An inspection will be performed to evaluate each housing situation. The assistance will be in the form of a 10 year deferred payment. The main qualifying criteria as defined by guidelines are as follows:
- Eligible housing units are single family and duplex homes that are owner occupied and a primary residence
- Homeowners must meet income requirements
- You must have owned your home for at least two years and have an insurance policy in effect
PLEASANT
CITY FAITH-BASED COMMUNITY DEVELOPMENT INITIATIVE, INC.
Contact: Shari Speed
561-832-3313
1919 Spruce Avenue
West Palm Beach, FL 33407
pleasantcity@hotmail.com
Homebuyer Program
Developed to assist
low to moderate income first time home buyers purchasing a new or existing
home. Subsidy programs such as SHIP and HOME funds are used to provide
the necessary funding. To be eligible for the program contact this agency.
Individual Development Account (IDA) program
The Individual
Development Account Program is a savings program with a 2 to 1 match toward
the client total savings. The first time homebuyer must save a minimum
amount within a specified time period, and they will receive the matching
funds. This money can only be used toward the transaction cost of buying
a home.
Homeowners Education Workshop
Workshops to help
potential homeowners go through the home buying process. Contact the CDC
for dates and times.
Credit & Budget Counseling
Pleasant City provides
one-on-one credit counseling to individuals who are interested in managing
and repairing their credit prior to purchasing their first home. To learn
more about credit and budgeting courses that are offered, contact this
agency.
Merry Place at Pleasant City
A community available
to those earning a workforce wage on 14 revitalized acres in the Pleasant
City. The community will feature 112 homes, 128 apartments and a streetscape
including retail business. Contact Pleasant City Faith-Based Community
Development Initiative for an application and more information on the
housing program.
NORTHWOOD
RENAISSANCE
561-832-6776
510 24th Street, Suite A
West Palm Beach, FL 33407
www.northwoodrenaissance.org
Community Land Trust
A Northwood Renaissance initiative that sells homes to first-time homebuyers while retaining ownership of the underlying land. The Community Land Trust gives homebuyers the unique chance to purchase a home well under current prices by removing the high cost of land. The homebuyer leases the underlying land and with assistance from Northwood Renaissance obtains an affordable mortgage and down payment assistance further offsetting the price of the home. The main qualifying criteria for a community land trust home are as follows:
- First time home buyer
- Total household income does not exceed maximum income limits
- Applicant must invest a minimum required amount toward the purchase price of their home, defined by guidelines
- Satisfactory credit history
- Complete homebuyer training
Homeowners Education
Northwood Renaissance provides home buyers with education and training such as credit counseling. To learn more about educational courses that are offered, contact this agency.
FLORIDA
HOUSING FINANCE CORPORATION
850-488-4197
227 Bornough St., Ste 5000
Tallahassee,
FL 32301
www.floridahousing.org
Front Porch Florida Communities
West Palm Beach's Northwood, Pleasant City area has been designated by the Florida Governor's Office as a Front Porch Community. Florida Housing also offers special funding set-asides for homebuyers purchasing homes in Front Porch Florida and HOPE VI Communities. For more information call 561-832-2330.
COMMISSION ON AFFORDABLE HOUSING
Department
of Housing and Community Development
3323 Belvedere Road, Building 501
West Palm
Beach, FL 33406
www.pbcgov.com/hcd
The Commission on Affordable Housing develops and implements programs to increase the availability of single family and multifamily housing opportunities.
All of the programs funded by SHIP, administered by the Commission on Affordable Housing, are financed with a zero percent interest loan. These loans are secured by a mortgage and promissory note on the property for a period of 30 years. No payment is due as long as the home remains the primary residence of the applicant. If the home is sold; title transferred or conveyed; or the home ceases to be the primary residence of the applicant during the term of the loan, the entire amount of assistance provided will become due and payable. If the loan conditions are not violated, the loan is considered paid in full at the end of 30 years.
Utility Connection/Impact Fee Program
Provides up to $10,000 to finance the service initiation and connection fees for new water and/or sewer srevice and impact fees on a primary residence.
Purchase Assistance Program
Provides financial assistance to eligible applicants for the purchase of their first home. The financing may be used as gap financing to buy down the purchase price on a new or existing single family home. The purchase price may also include funding for the rehabilitation of an existing property.
The amount of assistance depends on the total household size and income of the applicant. Very low income households can receive up to $75,000, low income households can receive up to $60,000 and moderate income households can receive up to $45,000. Permanent first mortgage financing is required through a private sector financial institution.
Replacement Housing Program
Provides partial financing for the construction or purchsae of a new home, to eligible very low and low-income elderly, and special needs persons residing in substandard housing. The program strives to preserve Palm Beach County's existing affordable housing stock accessible to lower income households in Palm Beach County.
Single Family Development Assistance Program
This program provides assistance to eligible developers of single family developments serving very-low, low- and moderate-income households with the goal of increasing the number of affordable owner housing units available to income eligible residents. THis is achieved through a reduction in the purchase price charged by the builder/developer, equivalent to the amount of SHIP funds given.
Multi-Family Competitive Rental Development Program
Provides assistance to eligible developers of rental housing serving very-low and low-income households. The goal of this program is to increase the number of affordable rental housing units in Palm Beach County. All SHIP assisted units must be occupied by income eligible families.
Financing for developers varies by program.
UNITED WAY OF PALM BEACH COUNTY
561-375-6686
Contact: Carter Elliott
2600 Quantum Boulevard
Boynton Beach, FL 33426
carterelliott@unitedwaypbc.org
IDA for Homeownership
The IDA for Homeownership program is a matched savings account program for low-to-moderate income households seeking to purchase their first home. IDA participants save money over a defined period of time, while simultaneously attending financial literacy classes where they learn saving strategies, address credit or debt issues, and discuss what it means to be a responsible homeowner. After reaching the IDA savings goal, the participants are eligible for a match of funds.
561-841-3500
2001 W. Blue Heron Boulevard
West Palm Beach, FL 33407
Housing Services
Housing Partnership (HP) helps prepare homebuyers to maximize their power as consumers. They offer comprehensive homebuyer programs for low and moderate-income families. These include in-depth first-time homebuyer classes taught at four Beacon Centers: Pahokee Elementary, Pahokee, Pioneer Park Elementary, Belle Glade, West Riviera Elementary, Riviera Beach and Forest Park Elementary, Boynton Beach.
HP also has a Revolving Loan Fund. This consists of a second mortgage at a rate equal to the first mortgage or at 5.7% (whichever is lower). This will allow a homebuyer to put down 20% down and avoid paying PMI. Down payment assistance includes State Housing Partnership (SHIP) and "Helping Hand" Grant. The SHIP is a no-interest loan, payable at sale of home through Palm Beach County Affordable Housing Committee. Subsidary levels can be up to $40,000, depending on the household income level.
"Helping Hand" Grant is a partnership with World Savings Bank. It is a $7,000 Grant for "lower-income" and buyers arae required to pay 3% of purchase price. Through HP, buyers can coordinate with SHIP or HOME programs for additional down payment and closing cost assistance.
PALM BEACH COUNTY HOUSING AND COMMUNITY DEVELOPMENT
561-233-3601
3323 Belvedere Road, Building 501
West Palm Beach, FL 33406
www.pbcgov.com/HCD/index.htm
HOME Investment Partnership Program
The HOME Program provides $5,000 up to $25,000 depending on the applicant's annual income for down payment assistant. The single family housing assistance provided may be utilized as gap funding, for down payment or closing costs and can take the form of a deferred 0% interest loan with a term of 10 years or a conditional grant with a term of 5 to 10 years. Able to use in municipalities with inter-local cooperation agreements with Palm Beach County. Properties located within the city limits of Boynton Beach, Boca Raton, Delray Beach and West Palm Beach are excluded. In order for all interested parties to have access to the HOME Program, they must submit their application through a non-profit housing provider. Additional information may be obtained by contacting the HOME section by 561-233-3619.
State/Federal Programs
FLORIDA HOUSING FINANCE CORPORATION
850-488-4197
227 N. Bronough St. Ste. 5000
Tallahassee,
FL 32301
www.floridahousing.org
First Time Homebuyer Loans
Florida Housing's First Time Homebuyer Program provides a continuous stream of lending throughout the year for eligible first-time homebuyers. If you're not a first-time homebuyer, you may still be eligible if you're purchasing a home in one of a 13 GO Zone counties.
Click on the First Time Homebuyer Wizard to find out if you're eligible for the program.
The program offers low-interest 30 and 40 year fixed-rate loans, down payment and closing costs assistance as well as access to credit counseling.
Eligible applicants include individuals who have never owned a home, don't claim their mobile home as real property, haven't owned and occupied a home as their primary residence within the past three years, have established credit worthiness, and have an annual income that does not exceed program limits.
Down Payment Assistance Programs
HAMI - This program enables borrowers with moderate incomes t qualify for down payment and closing costs assistance. HAMI Loans provide up to $5,000 to assist with down payment and closing costs. HAMI is an amortized loan that is offered at a fixed rate with level monthly payments for a 10 year term.
Florida Assist - Florida Assist offers the opportunity to borrow up to $10,000 for down payment and closing costs at 0% interest. This program is offered to borrowers with household incomes at or below 80% of AMI, adjusted for household size. This loan is due only upon sale or refinance of the property. Lenders will advance these funds at closing and will be reimbursed at purchase of the irst mortgage.
First Mortgage Programs & Products:
Florida First - Helps borrowers by offering a low 30 year fixed rate loan. It is for borrowers that need the low rates to make their monthly payments more affordable.
Florida Plus - Offers a low 30-year fixed-rate loan and 4% of the loan amount to borrowers as a grant to help pay down payment and closing costs.
Florida Advantage - Offers a very low rate to borrowers in Urban Infill Areas. Front Porch Florida Community Areas. Rural Development Self-Help and HOPE VI Project Areas and for disabled households. This program is offered to borrowers with household incomes below 80% of Area median Income (AMI).
Florida Heros - Helps borrowers that are education professionals, sworn officers of the state of Florida, healthcare professionals, and all active duty military and veterans with a very low interest rate on a mortgage.
Florida 40 - A 40-year old loan product to assist borrowers that need the lower monthly payment to attain homeownership. Many borrowers need the lower payments to qualify, particularly in high cost areas of the state.
Florida 40 Plus - A pilot, cash-assisted, 40-year product with the 2007-1 bond series. The Florida 40 Plus will also offer 4% of the loan amount to assist with down payment and closing costs.
No Points:
In an effort to reduce the cost of housing for our borrowers, Florida Housing will no longer charge points on all of its loans starting with the 2007 Series 1 bond issue. Lenders will not be allowed to charge any points to borrowers using the Florida Housing First Time House-buyer program. Lenders will continue to net 1.50% on every first mortgage purchased.
New Recapture Tax Reimbursement Program:
Starting with the 2007 Series 1 bond issue, Florida Housing wil reimburse any borrower that must pay the recapture tax imposed by the Internal Revenue Service (IRS). The guidelines for reimbursement will be posted on www.housingfinance.org.
BUYERS FUND - NEIGHBORHOOD GOLD
888-627-3023
www.neighborhoodgold.com
Neighborhood Gold Down Payment Assistance Grants
Neighborhood Gold Down Payment Assistance Grants is a program that provides down payment assistance in compliance with FHA and HUD. Grants can be used on any home and with FHA, Conventional, or Sub-prime loans. Sales price cannot exceed $213,000 and maximum grant amount allowed is $25,000.
NEHEMIAH CORPORATION OF AMERICA
877-634-3642
www.getdownpayment.com
Nehemiah Program
Provides gift funds for down payment and closing costs to qualified homebuyers using an eligible loan program, such as FHA or a conventional loan that allows gifts from charitable organizations. In exchange for helping the seller find a qualified homebuyer, the seller agrees to make a contribution to Nehemiah of 1-6% of the final contract sales price, plus pay a service fee of no more than 1% of the final contract sales price.
DEPARTMENT
OF HOUSING & URBAN DEVELOPMENT
305-536-4456
909 SE First Ave., Room 500
Miami, FL
33131-3028
www.hud.gov
HUD 203(K) Rehabilitation Loan
HUD 203 (K) Rehabilitation Loan is a government sponsored program designed to allow owner-occupants to obtain one loan for the purchase of residential property (1-4 units) that needs repair work. Loan includes funds for rehabilitation work. This program is available nationwide.
Good Neighbor Next Door
The Good Neighbor Next Door program is open to any person "employed full-time by a public school, private school, or federal, state, county, or municipal educational agency as a state-certified classroom teacher or municipal educational agency or administrator in grades K-12." Participants must certify that they are employed by an educational agency that serves the school district/jurisdiction in which the home they are purchasing list located. The selected bidder may purchase the property at a 50 percent discount from the list price. For example, if a HUD home is listed for $100,000, a teacher can buy it for $50,000. To make a HUD home even more affordable, you can apply for an FHA-insured mortgage with a down payment of only $100 and you may finance all closing costs. If the home you want to purchase needs repairs, you may use FHA's 203(k) mortgage program. This program allows you to finance both the purchase of the home and the cost of needed repairs. You have the benefit of one loan for both costs and one monthly payment. For more information call(800) 569-4287 or go to
HUD Good Neighbor Next Door Program
The U.S. Department of Housing and Urban Development (HUD) wants to make American communities stronger and to build a safer nation. Public safety improves when police officers live in a neighborhood. The Good Neighbor Next Door program helps make this goal a reality by making homeownership faster and more affordable for Law Enforcement Officers. Participants must be a full-time, sworn law enforcement officer who is "employed full-time by Federal, state, county or municipal government; or a public or private college or university." You don't have to be a first-time homebuyer to participate. However, you cannot own any other home at the time you close on your OND home. You must agree to live in the HUD home as your only residence for three years after you move into it. The selected bidder may purchase the property at a 50 percent discount from the list price. For example, if a HUD home is listed for $100,000, an officer can buy it for $50,000. To make a HUD home even more affordable, you may apply for an FHA-insured mortgage with a down payment of only $100 and you may finance all closing costs. If the home you want to purchase needs repairs, you may use FHA's 203(k) mortgage program. This program allows you to finance both the purchase of the home and the cost of needed repairs. You have the benefit of one loan for both costs and one monthly payment. For more information call (800) 569-4287 or to access available property go to www.hud.gov/offices/hsg/sfh/reo/goodn/ond.cfm.
Department of Veterans Affairs
800-827-1000
9500 Bay Pines Boulevard
St. Petersburg, FL 33708
Active Duty or Veteran Construction Loan
Active Duty or Veteran Construction Loan is a program in which the VA is authorized to guarantee loans to eligible veterans to construct a residence to be owned and occupied by the veteran as a home. The no down payment loan may include simultaneous purchase of the land on which the residence is situated or will be situated. This program is available nationwide for a loan limit of $359,650.
Must be an eligible veteran who has available home loan entitlement, loan must be for an eligible purpose, must occupy or intend to occupy the property within a reasonable period of time after closing, must have enough income to meet the new mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and still have income for family support and you must have a good credit record.
VA Home Loans
VA Home Loans is a program that provides Veterans a loan with no down payment requirement. This program is available to Veterans anywhere. The loan maximum may be up to 100% of VA-established reasonable value of property plus the applicable VA funding fee for a max LTV of 103%. For resale, purchase or new construction. A VA-assigned appraiser must be used. Maximum loan limit is $359,650.
AMERIDREAM SOLUTIONS
Saint Augustine, FL 32092
866-716-3629
AmeriDream's Down Payment Gift Program
To participate in AmeriDream's Down payment Gift Program, a homebuyer must contact a lender and qualify for a loan that allows gift funds, and the homebuyer must purchase a home from a builder or seller who has enrolled his or her home in the program. This is for first-time homebuyers only with the exception to single or displaced parents. AmeriDream's down payment gift is based on a percentage of the purchase price of the home. While there is no set dollar limit for the amount of the gift, most AmeriDream gifts range between 2% to 10% of the purchase price of the home. The program is available to qualifying homebuyers interested in purchasing a single-family home priced up to $359,650.
Find a Home
What kind of home do you want to buy - new or old? Do you want a detached single family home, a townhouse, or a condominium? There are many types of homes to choose from. What's important is what is best for you. The National Association of Realtors® has an interactive website - www.realtor.com - that is easily searchable to find a home in your area, price range and with the features you want. If you do not have access to the Internet, contact a Realtor® in your area to get help finding your perfect home.
Credit
Strong credit can help you expand personal financial opportunities and achieve your dreams, including homeownership. These resources can help you improve or establish the credit you need:
- Freddie Mac's CreditSmart was designed to help consumers understand, build, and maintain better credit. Visit www.freddiemac.com/ www.creditsmart.com to learn more or call 770-857-8800.
- Fannie Mae has a "For Home Buyers & Homeowners" section on their web site, which offers content, tools, and resources all in one convenient place. Visit www.fanniemae.com/homebuyers or call them at 1-800-732-6643.
- Consumer Credit Counseling Service is a local non-profit that educates consumers about money management, promotes the wise use of credit and assists people in overcoming financial difficulties. Call 1-800-251-CCCS or visit their web site at www.cccsinc.org
Mortgages and Avoiding Anti-Predatory Lending
There are individuals who may try to take advantage of consumers by using "abusive" or by practicing "predatory" lending practices. The more homeowners know, the better they can protect themselves and ensure they get the best mortgage for which they are qualified. These two resources can have information to protect yourself throughout the lending process:
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Freddie Mac's Don't Borrow Trouble is a national, award-winning campaign that combines education and empowerment, can show consumers how to protect their homes and neighborhoods from predatory lending practices. Visit www.dontborrowtrouble.com or call 770-857-8800.
- U.S. Department of Housing and Urban Development (HUD) has a wealth of information on their home buying web site, including rights for homebuyers and how to qualify for a mortgage. Visit www.hud.gov/buying/index.cfm or call 305-536-4456.