Palm Beach County – Workforce Housing Program (WHP)
Special Alert
Maximum Purchase Price
$352,170
Contact Info:
https://discover.pbcgov.org/hed/Pages/default.aspx 100 Australian Ave, 5th Floor, West Palm Beach, FL 33406 561-233-3600
Limitations
Credit Score Requirements
Based on 1st mortgage requirements.
Deferred Payments?
Yes
Accepted First Mortgage Type:
Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD
Homeowners Education Class:
Required
Is Forgivable?
All designated WHP For-Sale units shall remain affordable for 15 years. A deed restriction is required to be recorded with the Palm Beach County Clerk to guarantee the affordability of each Workforce Housing unit. Affordability Period: 15 years (a) If property is sold prior to expiration of the affordability period, the housing unit must be sold to an eligible WHP buyer. (b) If property is sold prior to expiration of the affordability period, the down payment assistance must be repaid in full. (c) If property is sold after expiration of the affordability period, the WHP restrictions are removed. The unit can be sold at market rate, and the buyer is not required to be income eligible.
Location:
1 County: Palm Beach Property must be an eligible workforce-housing unit within Palm Beach County.
Income Limitations:
Yes, based on Compliance Income Income limits from HUD 2022 140% AMI guidelines Program uses income ranges of 60% AMI – 140% AMI to determine assistance amounts; income cannot exceed 140% AMI. Our Program model reflects/uses the highest of the income ranges.
Maximum Assistance
27% of Purchase Price up to $51,200 Deed restricted property, plus down payment/closing cost assistance. Maximum Subsidy Assistance varies and is based on Percentage of Sales Price and income levels: Low Income (60% – 80% AMI) = 27% of sales price; up to $51,200 Moderate-1 (80% – 100% AMI) = 20% of sales price;up to $48,672 Moderate-2 (100% – 120% AMI) = 15% of sales price;up to $44,698 Middle Income (120% – 140% AMI) = 10% of sales price;up to $35,217 WHP funds will assist with first mortgage and gap financing for the eligible workforce-housing unit. Eligible costs include (but are not limited to) closing costs and down payment assistance. The final amount of assistance will be determined by the program requirements, which include (but not limited to) underwriting criteria, household income and assets.
Education Requirements Info:
All applicants interested in the WHP must attend an 8-hour homebuyer education training through a HUD approved or NeighborWorks approved Housing agency and present the certificate of completion to HES within 90 days from construction commencement (must be in a classroom setting, no online training permitted). Orientation Registration: https://survey.pbcgov.com/s3/HED-Registration
Eligible Property Types:
Single Family Detached Condo Co-Op Townhome/PUD
Income By Household Size:
Minimum Buyer Contribution is based on income level of the borrower: Low Income Borrowers (60%- 80% AMI) must contribute 2.5% into the transaction. All other income levels must contribute 3.5% into the transaction.
Qualifying Ratios:
Housing Ratio: Between 30% and 35% Total DTI: Up To 48% Actual amount of assistance will be based on debt-to-income ratios. 1. Front-end ratio (housing payment) – between 30% and 35% of monthly household income, including HOA assessments. 2. Back-end ratio (overall credit and debt payments) – cannot exceed 48% of the monthly household income.
