The Pompano Beach Housing Grant provides vital financial assistance to first-time homebuyers within Pompano Beach, helping cover essential costs such as down payments and closing fees. This grant is structured to make homeownership more accessible through a forgivable second mortgage loan with favorable conditions.

Program Details

Eligible buyers may receive a second mortgage loan of up to $50,000 with a 0% interest rate. This loan requires no monthly payments and is fully forgivable if the buyer maintains the home as their primary residence for the entirety of the loan term, which is typically set at 15 years. If residency requirements are met, the loan balance is forgiven, reducing financial burdens on the homeowner.

Applicants must make a minimum down payment of 3% of the purchase price plus closing costs, with at least 1% sourced from their own funds. The remaining 2% may come from non-borrowed sources, such as gifts or incentives from lenders, sellers, or realtors, or support from nonprofit agencies. This requirement ensures that buyers contribute personally to their purchase while receiving considerable financial support.

Eligibility and Property Requirements

Eligible properties must be located within Pompano Beach city limits and include single-family homes, condominiums, and townhomes set on permanent foundations. The maximum purchase price is generally capped at $400,000. Properties must be either vacant or owner-occupied at the time of sale.

For existing properties, a thorough inspection is required to ensure the home’s quality and safety. Inspections include assessments of the roof, electrical and plumbing systems, heating and cooling systems, and termite or septic conditions if applicable. Homes built before 1978 must also undergo a lead-based paint inspection by a certified assessor, ensuring the property is free from potential lead hazards. Newly constructed properties require soil treatment inspections.

Income Eligibility

Income eligibility for the Pompano Beach Housing Grant is based on household income calculated as a percentage of the area median income. To determine if your income meets these requirements, contact Housing Nonprofit to verify your income.

Income Limits

Table 1. Income Table Pompano Beach, FL

Family	50% AMI	80% AMI
1	$36,950	$59,150
2	$42,200	$67,550
3	$47,500	$76,050
4	$52,800	$84,450
5	$57,000	$91,200
6	$61,250	$98,000
7	$65,500	$104,750
8	$69,700	$111,500

 

Funding Sources

The funds supporting this program come from federal and state housing resources, including the HOME Investment Partnerships Program (HOME) and Community Development Block Grant (CDBG) funds. For further information, refer to press releases from the Department of Housing and Urban Development (HUD).

Additional Requirements

Applicants must complete a homebuyer education course provided by a HUD-approved counseling agency, either online, virtually, or in person. This course prepares buyers for successful homeownership and is required as part of the grant application.

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Note: These housing grants alone are not enough to cover the full cost of a home. Anyone interested in using this housing grant should work with Housing Nonprofit to obtain a primary mortgage from a participating lender. Apply here.

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Article by Housing Nonprofit, with data courtesy of the Pompano Beach Housing and Urban Improvement Department.