Community Development
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Commission on Affordable Housing - Purchase Assistance Application The HOME Program provides affordable housing opportunities to very low and low income residents of Palm Beach County. This is achieved through the implementation of various housing activities such as the Countywide Second Mortgage Subsidy Program, the Multi-Family Competitive Rental Program and the American Dream Downpayment Initiative Program (ADDI). Countywide Second Mortgage Subsidy Program for First Time Home Buyers: This program is designed to assist eligible first-time homebuyers with the purchase of their first home. Financial assistance provided may be utilized as gap funding to buy down the purchase price; as a down payment; or for closing costs. The purpose of the assistance is to ensure that the housing unit's monthly payment is affordable for the homeowners. Level of assistance - Financial assistance (known as a subsidy) is contingent upon the applicant's household size, annual gross income of the household and the dollar amount required to make the monthly payment affordable. Under this program, very low income households may be eligible to receive assistance up to $75,000 and low-income households may be eligible to receive up to $60,000. Financial assistance is provided in the form of a second mortgage that is differed with a zero percent (0%) interest rate. The term of the second mortgage is contingent upon the amount of financial assistance provided to the homeowner. NOTE: Permanent first mortgage financing is required to be secured through private sector financial institutions. Eligible Properties - Existing or newly constructed housing Eligible Area - Municipalities with interlocal 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. PLEASE NOTE: In order for all interested parties to have access to the HOME Program, they must submit their application through a non-profit housing provider. Multi-Family Competitive Rental Program: The goal of this program is to increase, preserve and improve the affordable rental housing stock for very low and low income persons. The program provides financial and technical assistance to investors/owners with rental properties and developers of affordable housing. On an annual basis, HCD will publish a Request for Proposal (RFP) in local newspapers soliciting viable projects to be funded under the multi-family program. All interested parties are required to adhere to the instructions of the Announcement, in order for their project to be considered for funding. Level of Assistance - Financial assistance may be in the form of a low interest bearing loan. The term of the low interest loan is contingent upon the amount of the loan. HOME-assisted units must be occupied by very-low and low-income persons or families. Eligible Properties - Existing or newly constructed multi-family units or units converted from other uses. Eligible Areas - All of Palm Beach County except if the activity takes place in Boynton Beach, Boca Raton, Delray Beach or West Palm Beach, those municipalities must provide matching funds to the amount allocated by the HOME Program to the activity. Developers: Before you contact HCD, please complete the Criteria Checklist for Affordable Housing Development Initiative so that we can assist you with your proposed project. Community Housing Development Organizations: Funding is provided through the HOME Program to Community Housing Development Organizations (CHDOs) to develop affordable housing for very low and low income individuals and families; assist eligible first time homebuyers with securing funding to purchase houses; and facilitate mortgages on behalf of new homebuyers. These CHDOs serve as liaisons between HCD and the potential homebuyer, lending institution, realtor and title company, as well as coordinating the various activities required for the eligible homebuyers to successfully complete the process. Currently, Palm Beach County has designated four (4) CHDOs as partners to provide affordable housing:
Additional information may be obtained by contacting the HOME section by (561) 233-3619. |
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