New Homeownership Program in PSL
Published on May 28, 2024
The City of Port St. Lucie, in collaboration with the Community Land Trust of Palm Beach County and the Treasure Coast (CLT), is excited to announce the revamped Homebuyer Assistance Program. This Program empowers prospective homebuyers to take the first step 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 home. The Homebuyer Assistance Program, a joint initiative between the City of Port St. Lucie and the CLT, is funded by federal grants through the American Rescue Plan. It is specifically tailored to support moderate-income buyers who reside and/or work in Port St. Lucie. The Program provides substantial financial assistance, enabling these buyers to purchase a home in Port St. Lucie, which becomes part of the CLT.
Port St. Lucie's Homebuyer Assistance Program will accept applications from noon on June 12, 2024, until 5 p.m. on June 17, 2024. A lottery will process applications. The overarching requirements include:
- Currently living or working in Port St. Lucie.
- Being a first-time homebuyer (or have not owned a home within the last three years).
- Having a minimum credit score 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 a minimum of 1% of the home's sales price.
- Purchasing a home in Port St Lucie, which must be used 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 work with the CLT to secure bank pre-approval and will be given an award letter for up to $100,000 from the CLT to shop for their chosen home. Once a home is selected and approved by the CLT, the buyer will purchase the house, and the CLT will buy the underlying land. The buyer will have a 99-year renewable lease on the land, giving them sole and exclusive access. At the same time, CLT will retain the right to purchase the home at an affordable price, making it available to another eligible family (see CLT program details). If the buyer chooses a condominium, a deed restriction will be recorded in place of the land lease, outlining the resale formula and associated restrictions.
The homebuyers must also complete a homebuyer's education course and a Community Land Trust Orientation. All household members must be U.S. citizens or permanent legal residents. Find out more about the minimum requirements on the CLT’s website at https://cltofpbc.org/. Depending on the lender, closing costs and down payment assistance may be available.
Prospective homebuyers are encouraged to attend an information session on Wednesday, June 5, 2024, at 1 p.m. or 6 p.m. Interested applicants can attend the info sessions in person at City Hall Council Chambers or online via Zoom. Registration is required to attend via Zoom. Please reserve a Zoom spot by clicking the 1 p.m. session or 6 p.m. session.
Collaborating with the CLT, prospective homeowners will receive assistance through the application process to homeownership. More information on the Program can be found on the Community Land Trust of Palm Beach County and the Treasure Coast website at https://cltofpbc.org/about/port-st-lucie/.
Frequently Asked Questions
This program has not been funded by City tax revenue. It is a small portion of the funding provided by the American Rescue Plan Act (ARPA).
- Minimum household income & credit score
To qualify for this program, a minimum gross/total household income (all incomes in the household) and a minimum credit score for all borrowers on the mortgage, must be met. This is necessary to be approved for a mortgage. A single-income household earning less than $70,000 would not qualify for a mortgage loan, provided the total payment is within 30-35% of the income.
The minimum income requirement is based on several factors of affordability in our city including average purchase price, taxes, fees, insurance and interest rates. Partners, lenders, and underwriters have also verified these minimum requirements.
- Virtual and in person information sessions
We understand that there are many questions, and we look forward to briefing all interested, qualified applicants at the information session on Wednesday, June 5, 2024, at 1 p.m. or 6 p.m. Interested applicants can attend the info sessions in person at City Hall Council Chambers or online via Zoom. Registration is required to attend via Zoom. Please reserve a Zoom spot by clicking the 1 p.m. session or 6 p.m. session. The recordings will be made available online after the sessions.