If you’re considering buying a home in Boca Raton or already live there, the city’s Housing Grant Program (formally known as the SHIP Homebuyer Assistance Program) is here to help first-time buyers overcome the barriers to homeownership. By offering financial assistance, this program aims to support sustainable growth and foster an inclusive community, keeping Boca Raton affordable for residents across income levels.

Program Purpose and Loan Terms

The Boca Raton Housing Grant offers up to $95,000 in assistance as a second mortgage, helping with down payment and closing costs. This assistance loan is unique in that it carries a 0% interest rate, which means no interest accrues. Additionally, no monthly payments are required on this loan. As long as the home remains your primary residence for 20 years, the loan is completely forgiven. However, if the property is sold, transferred, or no longer serves as your primary residence before the 20-year term ends, the balance will need to be repaid. The loan can be repaid early without penalty.

Down Payment Requirement

To qualify, buyers must contribute at least 1% of the property’s purchase price from their own funds. The program is structured to prioritize personal investment while also making the overall cost manageable for new homeowners.

Eligibility by Income and Household Size

Eligibility is determined based on income limits relative to the Area Median Income (AMI). The table below outlines these income limits for various household sizes, and applicants are encouraged to contact Housing Nonprofit for specific calculations and verification of their income eligibility.

Table 1. Income Table Boca Raton, FL

Family	50% AMI	80% AMI	120% AMI	140% AMI
1	$37,500	$60,000	$90,000	$105,000
2	$42,850	$68,550	$102,840	$119,980
3	$48,200	$77,100	$115,680	$134,960
4	$53,550	$85,650	$128,520	$149,940
5	$57,850	$92,550	$138,840	$161,980
6	$62,150	$99,400	$149,160	$174,020
7	$66,400	$106,250	$159,360	$185,920
8	$70,700	$113,100	$169,680	$197,960

These limits ensure that the program serves low- to moderate-income households.

Eligible Properties and Inspection Requirements

The Housing Grant can be applied to single-family homes, condominiums, and townhomes. Properties must be on a permanent foundation and within the city limits of Boca Raton. Eligible homes can cost up to $636,806. To ensure quality and safety, all properties must pass a Housing Quality Standard (HQS) inspection. Any repairs required by the inspection must be completed before closing, ensuring that new homeowners are moving into safe and livable spaces.

Location and Nearby Attractions

The Housing Grant program is available exclusively for properties located within Boca Raton, a scenic city known for its beautiful beaches and vibrant downtown. Boca Raton is conveniently close to other popular South Florida destinations, such as Fort Lauderdale, West Palm Beach, and Miami, allowing residents access to a wide array of recreational, cultural, and business opportunities. Locally, residents enjoy Mizner Park, the Morikami Museum, and countless coastal activities, combining urban amenities with a laid-back atmosphere.

Borrower Qualifications and Additional Requirements

The program requires that applicants meet specific qualifications to ensure assistance reaches those most in need:

• First-Time Homebuyers: Only those who haven’t owned a home in the past three years are eligible.
• U.S. Citizenship or Permanent Residency: Applicants must be U.S. citizens or lawful permanent residents.
• Debt-to-Income Ratios: Front-end debt-to-income (DTI) cannot exceed 35%, and total DTI should be within 45% of monthly gross income.
• Asset Limits: Household assets must not exceed $40,000 (excluding retirement accounts), and applicants need a minimum balance of $2,500 in their bank account for the three months prior to application.