| What is the HOME Program? The HOME Investment Partnership Program is a funding vehicle put in place by the Department of Housing and Urban Development (HUD) to allocate funds to State and Local governments. The purpose of this program is to strengthen public-private partnerships and to expand the supply of decent, safe, sanitary and affordable housing for very low and low-income families. |
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| What is the SHIP Program? The State Housing Initiative Partnership (SHIP) Program was created by the State of Florida in 1992 for the purpose of providing funds to counties and eligible municipalities to expand the production of and preserve affordable housing for very low, low and moderate income families. |
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What is the First Time Homebuyer Program? The First Time Homebuyer Program is a second mortgage program that provides financial assistance to eligible very low and low-income households. The assistance (referred to as a subsidy) is provided to eligible families who are first time homebuyers. |
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How do I qualify for assistance to purchase a home? To qualify for assistance, you must have:
A. Your household annual income must be at or below 80% of the median income for Palm Beach County.
B. Have not owned a home or any other real estate within the last three (3) years or any other real estate within the United States.
C. You must have the financial ability to secure a first mortgage with a bank or mortgage company. Funds provided by the County are used as gap financing.
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| How much assistance can I qualify for? The subsidy ranges from $60,000 to $75,000 for the HOME Program, $5,000 to $10,000 using American Dream Downpayment Initiative (ADDI) funds, and $45,000 to $75,000 for the SHIP Program. HOME and ADDI funds may be combined for a maximum assistance of up to $85,000. The amount of subsidy an eligible homebuyer may receive is contingent upon the household's gross annual income. |
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| Is this Assistance A Loan? The subsidy is a deferred loan, if the housing unit remains occupied for the full term of the mortgage. This is a zero percent interest loan and the term is for a period of 30 years. |
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| Can I buy a house anywhere in Palm Beach County? Under the HOME Program, the property you select can not be located within the city limits of Boca Raton, Boynton Beach, Delray Beach and West Palm Beach. Under the SHIP Program, you may purchase a home anywhere in Palm Beach County excluding Loxahatchee and the Acreage. |
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| Is there a maximum sales price on the home that I select? Under the HOME Program, the sales price of the property you select can not exceed $280,000. Under the SHIP Program, the sales price of the property you select can not exceed $280,000 for an existing house or for new construction. |
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| Can I get a house built or do I have to buy an existing house? The property that you select may be either newly constructed or an existing home. |
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What happens if I sell my house before the term ends? If you decide to sell the property before the end of the term, you are obligated to repay the County, the full amount that is due and payable on the mortgage.
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| How do I start the HOME Program Process? For the HOME Program, the process starts with a non-profit community housing development organization (CHDO). You, as the prospective homebuyer, along with the lender, realtor and other interested parties must work closely with a CHDO during the entire process, and complete a six (6) hour homebuyer education course in a classroom setting. |
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| How do I find a Non-Profit Agency? You may obtain a list of CHDOs by clicking here or by calling the HOME Program office at (561) 233-3619. |
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How do I start the SHIP Program Process?
A. Contact a lending institution (bank or mortgage company) of your choice to obtain a pre-approval for a first mortgage.
B. Advise the loan officer that you desire to apply for a subsidy (financial assistance) award from the Palm Beach County Purchase Assistance Program.
C. Complete a six (6) hour homebuyer education course in a classroom setting. |
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| When is the Request for Proposal issued for Multi-Family Housing? The Request for Proposal (RFP) for Multi-Family Housing is issued in late Spring/early Summer for both the HOME and SHIP Programs. |
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| When are the CDBG and/or ESGP applications due? ESGP applications are due at HCD's office by 5:00 PM on Wednesday, January 14, 2009. CDBG applications are due by 5:00PM on Friday, January 30, 2009. HCD is located at Airport Centre, 160 Australian Avenue, Suite 500, West Palm Beach, FL. Any applications received after 5:00 PM will not be accepted by HCD. |
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| What is the maximum amount that I can request from CDBG? An applicant can request up to $300,000 toward an eligible activity. |
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Programs