Palm Beach County, Florida, is launching its first-ever Homebuyer Match Pilot Program, a new initiative designed to help residents overcome high housing costs by providing substantial down payment assistance. The county will distribute $5 million in matched funds, offering up to $50,000 per household to help qualified buyers purchase a primary residence in one of the state’s most expensive housing markets.
The program is set to begin accepting applications in March and aims to help approximately 200 families achieve homeownership. With the median price of a single-family home in Palm Beach County now exceeding $600,000, many working residents have found themselves priced out despite stable incomes.
Key Features:
Benefit:
- Matches buyer funds with up to $50,000 in down payment assistance
Program Funding:
- $5 million total allocated across multiple rounds
- Designed as a pilot program to address housing affordability
Eligibility:
- Applicants must earn between 80% and 140% of Area Median Income (AMI)
- Income ranges include:
- One-person household: $65,520 – $114,660
- Two-person household: $74,880 – $131,040
- Four-person household: $93,520 – $163,660
Buyer Requirements:
- Must live or work in Palm Beach County
- Must not have owned a home in the last two years
- Must obtain a mortgage prequalification letter
- Meet income requirements
Loan Structure:
- Assistance is provided as a loan-style funding
- The loan is forgiven after 15 years of owner occupancy
- If the home is sold before 15 years, repayment is required from sale proceeds
- Buyers may also transfer the lien to a new homestead property
This program is specifically structured to support working individuals and families who are financially ready for monthly mortgage payments but struggle to bridge the down payment gap caused by rising home prices and stagnant wage growth.
Application Timeline:
The Homebuyer Match Pilot Program will be released in three rounds:
- Round 1: March – $2 million will be made available
- Round 2: July – $1.5 million will be made available
- Round 3: Later in 2026 – $1.5 million will be made available
Selection will be conducted through a lottery system. Once the application portal opens, it will remain open for approximately two weeks for preapplications. Selected applicants will then be invited to submit a full application.
Agent Action Steps:
- Identify buyers who live or work in Palm Beach County and meet AMI guidelines
- Encourage clients to secure mortgage prequalification early
- Educate buyers on loan forgiveness timelines and resale implications
- Prepare clients for the lottery-based selection process
- Monitor round openings closely, as funding is limited
Actions for Buyers to Take Now:
Homebuyers interested in the Palm Beach County Homebuyer Match Pilot Program should begin preparing well in advance. Key steps include:
- Confirm household income eligibility based on AMI limits
- Obtain a mortgage prequalification letter
- Review the total cost of buying a house
- Gather financial documents before applications open
- Submit a preapplication promptly once the portal launches
County officials emphasize that interest in the program is already high and encourage buyers to act early. While this pilot program represents a significant opportunity, funding is limited and not guaranteed to continue in future years. If you or your clients do not qualify for this CHIP or the funding runs out before you can apply, there are other programs that can help you. Head to Homebuyerwallet.com to find a CHIP that matches what you or your client needs.
