WEST PALM BEACH, Fla. — Palm Beach County is offering 100 first-time homebuyers up to $100,000 each toward their new home purchase.
The incentive program is being offered by the Palm Beach County Department of Housing and Economic Development.
A first-time homebuyer is defined as someone who has not owned a home in the three years prior to the purchase of the property, according to the notice of funding availability on the county's website.
"It really is a great opportunity for us here in Palm Beach County, and it's needed with the rising price of housing and the rising cost to construct houses, interest rates, insurance," Jonathan Brown, the director of Housing and Economic Development, said. "The county is doing its part to try to help its resident purchase their first home."
Under the terms of the program, an applicant who lives alone must have an annual income less than or equal to $95,480. A six-person household cannot earn more than $158,200.
Household Size and Income Categories
Based on Average Median Income
| Number of Persons in Household | 140% AMI (Less Than or Equal To) |
| 1 | $95,480 |
| 2 | $109,200 |
| 3 | $122,780 |
| 4 | $136,360 |
| 5 | $147,280 |
| 6 | $158,200 |
Another stipulation is that the purchase price cannot exceed $568,557.
Applicants are required to register for and attend a virtual orientation.
"It can be, has been and will continue to be life-changing for the families here in Palm Beach County," Brown said.
Brown said the forgivable loans through the county require the resident to stay in their home for 30 years.
"If they decide to sell the home before the 30-year period, they can take all of the other equity they've earned," Brown said. "They'll give the county back the $100,000, or whatever we provided, then we'll use that to help someone else."
The application portal will open online at 8 a.m. on Dec. 27 and close on Jan. 17, or until 100 applications have been submitted.
Click here to learn more about the program and requirements.