HAHarvey Walden
5 days agoHousing Assistance Purchase Program Yearly (HAPPY) - 2024-2025 Guidelines
Housing Assistance Purchase Program Yearly (HAPPY) | City of Westlake, Florida
Opening Doors to Homeownership in Westlake
The Housing Assistance Purchase Program Yearly (HAPPY) is a City of Westlake initiative designed to support attainable and workforce homeownership opportunities within our community. Through financial assistance toward down payment, closing costs, interest rate buydowns, and other eligible housing expenses, the program helps qualified buyers achieve homeownership within the City of Westlake.
The City of Westlake has partnered with Minto PBLH, LLC and the Westlake Community Foundation to provide funding opportunities that support homeownership, workforce retention, and long-term community sustainability.
Program Benefits
Eligible applicants may receive housing assistance in the form of a:
- Award amount up to $65,000
- 0% interest deferred forgivable second mortgage
- 10-year affordability period
- Annual loan forgiveness schedule
Assistance May Be Used For:
- Down Payment
- Closing Costs
- Interest Rate Buy Downs
Assistance amounts are determined through the City's affordability review and underwriting process based on applicant need, eligibility, available funding, and overall program objectives.
What You Can Receive
- Up to $65,000 in assistance
- 0% interest, forgivable loan over time
- Awarded amount can be used for: Down Payment, Closing Costs, Interest Rate Buydown
Who Qualifies?
First-Time Homebuyers: Applicants must not have owned or occupied a primary residence within the previous three (3) years.
Community Retention Consideration: Current Westlake residents who have continuously occupied their primary residence within the City of Westlake for at least three (3) years may be considered for participation when purchasing another primary new construction residence within Westlake.
Income-Qualified Applicants: Combined household income of all household members age 18 and older occupying the home as their primary residence may not exceed 140% of the applicable Area Median Income (AMI), adjusted for household size. Please refer to the current HAPPY Program Income Limits chart for maximum household income limits.
Occupationally Qualified Applicants: At least one applicant or co-applicant must be employed full-time in an occupation recognized under Florida's Hometown Heroes Housing Program. Occupationally qualified households may have a combined gross annual household income of up to $300,000.
Additional Eligibility Requirements
Applicants must:
- Be purchasing a new construction home located within the City of Westlake
- The new construction home may not exceed the purchase price max of $679,324
- Occupy the home as their primary residence
- Be United States Citizens
- Contribute a minimum of 3% of the purchase price toward the transaction through eligible sources
While program guidelines must be met, we encourage all interested applicants to apply. Each application is carefully reviewed, and our team will reach out if additional information is needed. You are also welcome to contact us directly to better understand your eligibility.
Eligible Properties
At this time, HAPPY Program assistance is available for the purchase of new construction homes located within the incorporated boundaries of the City of Westlake, Florida. Investment properties, vacation homes, short-term rentals, and non-owner-occupied properties are not eligible.
How the HAPPY Program Works
1. Obtain a mortgage pre-approval from a lender
2. Enter into a purchase sales agreement to purchase a new construction home within the City of Westlake
3. Complete the HAPPY Program Pre-Application at least 45 days prior to closing, it is encouraged to apply as soon as sales agreement is in place.
4. Once reviewed and deemed pre-eligible, you will receive an official HAPPY Program Application to complete
For questions regarding eligibility, application requirements, participating lenders, or the HAPPY Program process, please contact the City of Westlake Housing Department at 561-530-5880 Ext. 114
