New assistance program for first-time homebuyers in Port St. Lucie offers up to $100,000 in aid
The City of Port St. Lucie, in collaboration with the Community Land Trust of Palm Beach County and Treasure Coast (CLT), announced the renewed Homebuyer Assistance Program.
This program allows potential homebuyers to take the first step toward homeownership thanks to this assistance.
Assistance of up to $100,000 in federal funds will be available for four to six qualifying 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 designed to support moderate-income buyers who reside and/or work in Port St. Lucie.
The Program provides substantial financial assistance, allowing these buyers to purchase a home in Port St. Lucie, which then becomes part of the CLT.
The Port St. Lucie Homebuyer Assistance Program will accept applications from noon on June 12, 2024, until 5 p.m. on June 17, 2024. A lottery will process the applications.
General requirements include:
- Currently live or work in Port St. Lucie.
- Be a first-time homebuyer (or have not owned a home in the last three years).
- Have a minimum credit score of 620 with underwriting requirements; working with a participating lender.
- Have a minimum gross household income of $70,000.
- A maximum gross household income of 120% of the area median income.
- Contribute a minimum of 1% of the home’s sale price.
- Purchase a home in Port St. Lucie, which must be used as a primary residence.
Selected applicants will work with the CLT to obtain pre-approval from the bank and receive an award letter of up to $100,000 from the CLT to purchase the chosen home.
Once the CLT selects and approves a home, the buyer will purchase the home, and the CLT will purchase the underlying land.
The buyer will have a renewable 99-year lease on the land, giving them unique and exclusive access.
At the same time, the 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 restriction will be recorded on the deed instead of the land lease, outlining the resale formula and association restrictions.
Homebuyers must also complete a homebuyer education course and a Community Land Trust Orientation.
All household members must be U.S. citizens or legal permanent residents.
Learn more about the minimum requirements on the CLT website at https://cltofpbc.org/.
Depending on the lender, closing costs and down payment assistance may be available.
Potential homebuyers are encouraged to attend an informational session on Wednesday, June 5, 2024, at 1 p.m. or 6 p.m.
Interested applicants can attend the informational sessions in person at the City Council Chamber in City Hall or online via Zoom. Registration is required to attend via Zoom.
Click here to register.
Reserve a spot on Zoom by clicking the button for the 1 p.m. session or 6 p.m. session.
In collaboration with the CLT, potential homeowners will receive assistance throughout the homeownership application process.
More information about the program can be found on the Community Land Trust of Palm Beach County and Treasure Coast website at https://cltofpbc.org/about/port-st-lucie/.
