Palm Beach County offers home repair loans to low income residents

The Palm Beach Housing and Economic Development Department (HED) in Florida is offering financial assistance of up to $100,000 to help low income homeowners perform essential repairs.

The department allocated four million dollars to the Owner Occupied Housing Rehabilitation Program, which uses funding from the State Housing Initiatives Partnership (SHIP). The program focuses on improvements that ensure safety and protect houses against hurricanes, such as roofing, plumbing, electrical systems, and impact-resistant windows or doors.

The department will not provide funds for cosmetic upgrades. Instead, it will pay authorized contractors directly based on the specific needs of the property. To qualify, homeowners must have lived in their property for at least three years and meet specific annual income limits based on household size. For example, a single person must earn less than $71,950 annually, while a household of five must earn less than $111,050.

The department will randomly select 50 applications from the online submission period for further review. The assistance is structured as an interest-free, deferred payment loan secured by a mortgage lien. The department says the loan becomes forgivable after 15 years if the homeowner meets all terms, such as not selling the property or converting it into a rental. Applicants must attend a mandatory orientation before they can submit their applications online.