By Jeff Ostrowski – Palm Beach Post Staff Writer
“Amid growing concerns about a housing affordability squeeze in Palm Beach County, a glimmer of hope emerged from this year’s legislative session.
State lawmakers approved $200 million for the State Housing Initiatives Partnership, or SHIP, a program that offers mortgages and down payment assistance to middle-income home buyers. Palm Beach County’s share for the 2016-17 budget year is $8.7 million, up from this year’s $6 million and the highest level in a decade.
Income limits for the SHIP program vary by county. In Palm Beach County, a family of three qualifies for SHIP money so long as its annual income is less than $78,720 and the house costs no more than $329,268.
The down payment assistance takes the form of an interest-free second mortgage. The maximum amount is $7,500.
Considering Palm Beach County’s combination of rising home prices and stagnant wages, demand for SHIP money outpaces supply.”