Administration Has Helped Create 850 New Housing Opportunities
(Long Island, NY) Nassau County announced the award of $500,000 in Federal HOME Investment Partnerships (HOME) Program funding that promises to help make the dream of home ownership a reality for some first-time homebuyers.
Nassau County Executive Edward P. Mangano said that the Long Island Housing Partnership (LIHP), as agent for Nassau County Office of Community Development, will be accepting applications from first-time homebuyers for down payment/closing cost assistance towards the purchase of a principal residence beginning Monday, April 1st.
“My administration has made it a priority, working with the Long Island Housing Partnership, to create ways in which to assist families, seniors, and young adults with housing options,” he said. “With this Federal HOME Investment Partnerships Program funding, we will truly help residents achieve the American Dream of home ownership. Since taking office, my administration has helped create 850 new housing opportunities in NassauCounty.”
Under provisions of the federally funded program, NassauCountyhas set aside the HOME Program Funds, which are provided by the U.S. Department of Housing and Urban Development (HUD), to provide eligible first-time homebuyers with up to $20,000 towards down payment/closing costs for the purchase of an eligible new or existing single family home. The applicants must provide a minimum down payment of at least $3,000 in addition to satisfying the mortgage lender’s minimum down payment requirements and being able to secure a mortgage. Homeowners are required to reside in the home for a minimum of 10 years or HUD will require a full repayment of the grant.
More than 30 applicants were assisted in the home buying process under the same program during FY2012-13.
To be eligible, an applicant must be a first-time homeowner having not owned a home during the three years immediately prior to purchasing a residence with HOME assistance funds and must occupy the property as a principal residence. In addition, their gross annual income must not exceed income limits as outlined in HUD guidelines.
