Treasure Coast Sun

The City of Port St. Lucie, in collaboration with the Community Land Trust of Palm Beach County and the Treasure Coast (CLT), has announced a revamped Homebuyer Assistance Program. This initiative aims to assist prospective homebuyers in taking their first steps toward homeownership.

Up to $100,000 in federal funds will be available for four to six income-qualified first-time homebuyers to purchase their first homes. The Homebuyer Assistance Program, a joint effort between the City of Port St. Lucie and the CLT, is funded by federal grants through the American Rescue Plan. It is designed specifically for moderate-income buyers who reside or work in Port St. Lucie, providing substantial financial assistance that enables them to purchase a home within the city limits.

Applications for Port St. Lucie's Homebuyer Assistance Program will be accepted from noon on June 12, 2024, until 5 p.m. on June 17, 2024. A lottery system will process applications based on several requirements:

- Currently living or working in Port St. Lucie.

- Being a first-time homebuyer (or not having owned a home within the last three years).

- Having a minimum credit score of 620 with underwriting requirements; working with a participating lender.

- Having a minimum gross household income of $70,000.

- A maximum gross household income of 120% of the Area Median Income.

- Contributing at least 1% of the home's sales price.

- Purchasing a home in Port St Lucie as a primary residence.

"We are witnessing a growing affordability gap in Florida as housing prices rise faster than incomes," explained Alessandra Tasca, Deputy Director of Neighborhood Services. "With this new pilot program, our goal is to provide a way for families to achieve homeownership opportunities that match their income levels."

Selected applicants will collaborate with the CLT to secure bank pre-approval and receive an award letter for up to $100,000 from the CLT to shop for their chosen homes. Once approved by the CLT, buyers will purchase houses while CLT buys the underlying land. Buyers will have exclusive access through a 99-year renewable lease on the land while CLT retains rights to repurchase homes at affordable prices for future eligible families.

If buyers choose condominiums instead of houses, deed restrictions outlining resale formulas and associated restrictions will replace land leases.

Homebuyers must also complete an education course and Community Land Trust Orientation. All household members must be U.S. citizens or permanent legal residents.

Prospective applicants are encouraged to attend information sessions on Wednesday, June 5, 2024, at either 1 p.m. or 6 p.m., available both in person at City Hall Council Chambers and online via Zoom with prior registration required.

Further details about this program can be found on the Community Land Trust's website at https://cltofpbc.org/about/port-st-lucie/.