PORT ST. LUCIE, Fla. — A new program in Port St. Lucie is helping provide first-time homebuyers with affordable housing along with helping them navigate the sometimes confusing process.
The city has partnered with the Community Land Trust of Palm Beach County and the Treasure Coast to kickstart what's called the Port St. Lucie Homeownership Program.
Officials said a grant from the Neighborhood Stabilization Program allowed for the construction of six new houses for low-to-moderate-income level households.
The homes range in cost between $74,000 to $135,000, but the final sale price is based on household income when a person qualifies.
The new homes are meant to help families struggling with housing costs since incomes haven't kept up with the spike in recent housing costs.
People will be required to go to a first-time homebuyer class to learn ins and outs of the process.
"We are hoping that through this program, as we sell these houses, there may be more opportunities that we're able to provide new affordable housing opportunities for the residents," said Cindee Lacourse-Blum, the executive director with the Community Land Trust of Palm Beach County and the Treasure Coast. "Currently in Port St. Lucie the median home price is $330,000, but yet the area median income, and that's for a family of four, is $71,500. So, even just based on that, you have an affordability ratio of 4.4."
Each home is about 1,400 square feet with three bedrooms, two baths and a two-car garage.
Requirements to purchase one of the new homes 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 between 620 and 640 with underwriting requirements; working with a participating lender
- Contributing a minimum of 1% of the home's sales price
- Purchasing one of the six new constructed homes which must be used as a primary residence
"Four of the homes are targeted to households making 80% of the area median income, and the sale price on those homes are $130,500. We have another two homes that based on program criteria set aside for households making 50% of the area median income, so half, and they're priced at $74,000," said Lacourse-Blum. "Even though there are six different houses in different locations, they're pretty much laid out all the same, so people can come to see the physical layout of the house."
If you're interested there will be an on-site open house at 2619 SW Halissee St. in Port St. Lucie on Jan. 15 from 10 a.m. to 2 p.m.
There will also be two virtual information sessions available Jan. 20 at noon and 6 p.m. Registration is required.
Click here to learn more about the program.