BREAKING NEWS: New City of Boca Raton Homeownership Assistance Program

By Joshua A. Carlson

The City of Boca Raton is offering a NEW Homeownership Assistance Program called CDBG. This is due to the funding being through the City of Boca Raton’s Community Development Block Grant program. The purpose of the Program is to help eligible households to be able to afford the purchase of a home to use as their primary residence located within the municipal limits of the City of Boca Raton. The CDBG program is to provide assistance in the form of a deferred payment second mortgage loan. Eligible applicants will receive the following as necessary for affordability:

Loans up to 50% of the lender required down payment.
Assistance to reduce first mortgage interest rate.
Assistance to reduce first loan principle.
Loans made at 0% interest for a term of 20 years.
Provide Assistance with reasonable closing costs.
A maximum award amount not to exceed $75,000. The amount will be determined based on affordability for the applicant.

In order to be eligible for assistance, the person must meet one of the following criteria: Someone who has not owned a home during the past three years; A single parent with children under the age of 18 who has been divorced and displaced within the 12-month period prior to time of application; A displaced victim of domestic abuse; or A person displaced as a result of a governmental action.

The person applying must meet certain guidelines and criteria such as Home Buyer Education, Income Eligibility, Residency Status, Conflict of Interest, Asset Limitations, Minimum Applicant Contribution(s), and First Mortgage Requirements.

The home must meet be purchased must be located within the municipal limits of the City of Boca Raton (see map) and must be an existing single family home, townhome, villa or condominium. A very easy way to tell if the property is located within city limits is to look at the Parcel Control Number (PCN). If the PCN begins with 06- then it is located within city limits. Only properties with 06- are eligible for the City of Boca Raton CDBG Program. There are additional property requirements which can be found online at: http://myboca.us/dev/commimprov.shtm.

For more information you can access CDBG HOMEOWNERSHIP ASSISTANCE PROGRAM INFORMATION AND APPLICATION INSTRUCTIONS by clicking here.