One of Florida's largest counties is kickstarting a $3 million program that awards as much as $100,000 per eligible household looking to buy their first homes.
Palm Beach County will assist lower-income consumers in acquiring the homes they intend to use as primary residences, according to the county's Housing and Economic Development division. The application process launches at noon on July 23, with the program continuing until Aug. 20 or until 100 applications have been submitted.
Under terms of the program, an applicant must meet income requirements, complete a homebuyer education course and buy a home costing no more than $568,557.
Palm Beach County has a population of more than 1.58 million, ranking it the third-largest county in the Sunshine State after Miami-Dade and Broward, according to the latest U.S. Census figures. As more listings hit the market, buyers are gaining leverage in negotiations.
However, values have soared since before the pandemic, and that has prevented many consumers from affording their first homes.
In May, the Palm Beach County median single-family sale price was $640,000, essentially unchanged from May 2024 but still more than 80% higher than year-end 2019, according to the Broward, Palm Beaches and St. Lucie Realtors trade group.
While financial assistance is key as prices rise, the program will serve only a fraction of county residents who need it, said Douglas Rill, broker at Century 21 America's Choice in West Palm Beach.
"There are a lot of people desiring the help, but so many will be disappointed," Rill told Homes.com.
A county spokesperson did not return immediately respond to a request to comment.
To be eligible for the program, a one-person household can't earn more than $65,450 a year, according to the county. A two-person household must earn $74,800 or less, while the income limit for a three-person household is $84,150.
Applicants can't currently own a home and must already have a first mortgage approval from a lender. The program uses the U.S. Department of Housing and Urban Development's definition of a first-time homebuyer: an individual who has no ownership in a principal residence during the prior three-year period ending on the date of purchase of the property.
The county will hold virtual pre-application orientation sessions at 2 p.m. Thursday; 5 p.m. July 15; and noon July 22.
Click here for more information on the program, including how to attend the orientations.