The Real Deal Miami

Preserve at Boynton Beach buyers eligible for city-sponsored loans

January 05, 2010 05:56PM

Closings have started for the Cornerstone Group’s second phase of its 180-unit private gated townhome and villa community, Preserve at Boynton Beach, and the city is pitching in to help buyers through the process. Through the City of Boynton Beach’s State Housing Initiative Partnership (SHIP) Program, buyers at Preserve will be eligible for $8,000 loans to cover closing costs — an immediate advance of the federal new homebuyer tax credit. Buyers will have 18 months to repay the loan to the city. New buyers who qualify for the federal new homebuyer tax credit can use it toward their down payment through the program’s expiration April 30 expiration. Cornerstone has also arranged for buyers earning up to 140 percent of the median income to access up to $100,000 each in funding from the Florida Housing Finance Corporation. The first building in the second phase, which was completed last month and where closings have begun, contains four villas and eight townhomes. Prices in the complex range from $199,990 to $219,990. TRD