Minto plans to help Westlake home buyers make down payments

Home buyers with qualifying income levels will get 3 percent of the purchase price at closing

Miami /
Oct.October 22, 2017 03:50 PM

Minto Communities, the developer of the 3,800-acre Westlake community, plans to help eligible buyers make down payments on homes at the Palm Beach County development. The program would provide buyers with 3 percent of the purchase price when they buy homes at Westlake, which they may be required to repay.

“Many of the people who contribute the most to Palm Beach County can’t afford to live here,” Mike Belmont, president of Minto Communities USA, said in a prepared statement. “This initiative will help make home ownership here easier to achieve.”

Under the program, home buyers will qualify for participation based on their income. The Palm Beach County Department of Housing and Economic Sustainability will prequalify home buyers for down payment assistance.

Eligible home buyers will accept a 10-year deed restriction at closing that will require repayment of the down payment assistance to the City of Westlake. The deed restriction would expire after 10 years, eliminating any repayment obligation.

Minto will contribute $316,000 to fund down payment assistance for the first 211 homes sold in Westlake’s Hammocks neighborhood.

Separately, for a limited time, Minto will offer a 3 percent discount on new homes in Westlake purchased by such public employees as firefighters, military personnel, police officers and teachers. Home prices at Westlake will start in the $270,000s.


Related Articles

arrow_forward_ios
Westlake approves Adrenaline World entertainment complex, retail center
Westlake approves Adrenaline World entertainment complex, retail center
Westlake approves Adrenaline World entertainment complex, retail center
Brian Tuttle wins approval for 205 single-family home project in Parkland
Brian Tuttle wins approval for 205 single-family home project in Parkland
Brian Tuttle wins approval for 205 single-family home project in Parkland
Rendering of the Westlake Winn-Dixie and Coconut Grove's CocoWalk (CocoWalk)
Lease roundup: Winn-Dixie inks 52K sf lease in Westlake & more
Lease roundup: Winn-Dixie inks 52K sf lease in Westlake & more
Publix at Westlake Plaza will be on the west side of Seminole-Pratt Whitney Road between Town Center Parkway and Persimmon Boulevard (Google Maps)
Publix pays $9M for Westlake site in Palm Beach County
Publix pays $9M for Westlake site in Palm Beach County
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Blink’s Michael Farkas and Lionstone’s Diego Lowenstein with 605 Lincoln Road (Google Maps)
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
Blink buys office condo on Miami Beach’s Lincoln Road for new HQ
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...