Hey there! Navigating the home-buying process can indeed feel overwhelming, especially for first-time buyers. But don’t worry—I’m here to share some valuable information about a program that might make your journey to homeownership a bit smoother.

Overview

In May 2024, the City of Port St. Lucie, in collaboration with the Community Land Trust of Palm Beach County and the Treasure Coast (CLT of PBCTC), launched a revamped Homebuyer Assistance Program. This initiative aims to support moderate-income first-time homebuyers who live and/or work in Port St. Lucie by providing substantial financial assistance toward purchasing their first home.

Source: City of Port St. Lucie

Source of Funding

The program is funded through federal grants provided by the American Rescue Plan Act (ARPA). Importantly, no city tax revenue has been used for this initiative.

Eligibility Criteria

To qualify for this program, applicants must meet the following requirements:

• Residency/Employment: Must currently live or work in the City of Port St. Lucie.
• First-Time Homebuyer: Must be a first-time homebuyer or not have owned a home in the past three years.
• Credit Score: Minimum credit score of 620, subject to underwriting requirements; applicants must work with a participating lender.
• Income:
  • Minimum: Gross household income of at least $70,000.
  • Maximum: Gross household income not exceeding 120% of the Area Median Income (AMI), adjusted for household size.
• Personal Contribution: Must contribute a minimum of 1% of the home’s sales price.
• Primary Residence: The purchased home must be located in Port St. Lucie and used as the primary residence.

Benefits

The program offers up to $100,000 in federal funds to assist with the purchase of a home. This substantial financial support can significantly reduce the financial burden on first-time homebuyers, making homeownership more accessible.

Potential Drawbacks

• Limited Availability: The program is designed to assist only four to six income-qualified first-time homebuyers, making it highly competitive.
• Application Window: The application period is limited. For example, in 2024, applications were accepted from June 12 at noon until June 17 at 5 p.m.

Application Process

1. Information Sessions: Prospective applicants are encouraged to attend information sessions to gain a comprehensive understanding of the program. In 2024, sessions were held on June 5 at 1 p.m. and 6 p.m., both in person at City Hall Council Chambers and online via Zoom.
2. Application Submission: Applications are accepted during a specified window. In 2024, this period was from June 12 at noon to June 17 at 5 p.m. Applications are processed through a lottery system.
3. Post-Application: Selected applicants work with the CLT to secure bank pre-approval and receive an award letter for up to $100,000 to shop for a home.
4. Home Purchase: Once a home is selected and approved by the CLT, the buyer purchases the house, and the CLT buys the underlying land. The buyer receives a 99-year renewable lease on the land, granting them sole and exclusive access. If the buyer chooses a condominium, a deed restriction is recorded instead of the land lease, outlining the resale formula and associated restrictions.

Program Availability

This program is specifically available to individuals who currently live or work in the City of Port St. Lucie, Florida.

Pros and Cons

Pros:

• Substantial Financial Assistance: Up to $100,000 available for eligible applicants.
• Supportive Structure: Collaboration with the CLT provides ongoing support and ensures long-term affordability.

Cons:

• Limited Slots: Only four to six applicants are assisted per funding round, making the program highly competitive.
• Specific Requirements: Applicants must meet strict eligibility criteria, including income thresholds and credit score minimums.

Application Steps

1. Attend an Information Session: Gain insights into the program’s details and requirements.
2. Submit an Application: Complete and submit the application during the specified window.
3. Participate in the Lottery: Applications are processed through a lottery system to ensure fairness.
4. Verification and Pre-Approval: Selected applicants undergo eligibility verification and secure mortgage pre-approval from a participating lender.
5. Home Selection and Purchase: With an award letter, applicants can shop for a home in Port St. Lucie. The CLT assists in the process, ensuring the property meets program criteria.

Program Type

This program provides down payment assistance. The assistance is structured such that the CLT retains ownership of the land, and the homeowner leases it under a 99-year renewable lease. This model ensures long-term affordability and community stability.

Program Timeline

• Announcement: May 28, 2024
• Information Sessions: June 5, 2024
• Application Window: June 12 – June 17, 2024

For more details, visit the official program page: City of Port St. Lucie Homebuyer Program