Nassau County Executive Edward P. Mangano announced this week that County residents who fall within the guidelines could be eligible for part of the $750,000 in HOME funds from the Federal program. The Long Island Housing Partnership (LIHP), which will be acting as agent for the Nassau County Office of Community Development, will be accepting applications from first-time home buyers beginning May 7, 2012. Funds for the HOME program, which can be used for down payments or closing cost assistance toward a primary residence, are provided by the U.S. Department of Housing and Urban Development (HUD).
“The American Dream just got closer to reality for some Nassau County residents thanks to the availability of these Federal funds,” said County Executive Mangano. “This program will help first-time home buyers purchase a home that otherwise may not have ever been within reach for them.”
Nassau County will provide eligible residents with up to $20,000 for down payment or closing costs toward the purchase of a new or existing single family home. Applicants must provide a minimum down payment of at least $3,000. The applicant must also be able to satisfy the mortgage lender’s minimum down payment requirements and be able to secure a mortgage. In addition, applicants are required to reside in the home for a minimum of 10 years or be responsible for full repayment of the grant to HUD. In 2011, more than 30 applicants in Nassau County were assisted with the application process.
HUD eligibility criteria for first-time home buyers is defined as a household that has not owned a home during the three year period immediately prior to the purchase of a residence with HOME assistance funding. The applicant must be occupying the property as a principal residence, and be income eligible. Income eligibility requires the perspective home buyer’s gross income, including overtime and assets, not exceed income limits as outlined. Those seeking assistance must attend a mortgage counseling session and be able to secure a mortgage. In addition, they must have a minimum household income of at least $30,000.
Income guidelines are based on family size and maximum income. For instance, a family of one would be limited to income of $60,200 while a family of eight or more would have a maximum income of $113,550. For specific income eligibility see the income guidelines below.
Homes purchased must be eligible pre-existing or newly constructed residences located within the boundaries of Nassau County. They must be single family dwellings and may include townhouses, condominiums, co-operative apartments and manufactured homes occupied as a principal residence with a maximum appraised value not exceeding $396,625.
Applications are available upon request by calling Norman Gersman at NCOCD at 516-572-2723or Jessica Ostrosky at LIHP at 631-435-4710. In addition, they can be picked up in person at the Nassau County Office of Community Development Homeownership Center, 40 Main Street, 1st Floor, Hempstead, NY 11550 or the Long Island Housing Partnership, Inc. as agent for NCOHIA, 180 Oser Avenue, Suite 800, Hauppauge, NY 11788.
Applications will be evaluated and certified on a first come, first served basis. The deadline for submissions with supporting documentation will be after LIHP has qualified 75 applicants as eligible or July 31, 2012, whichever is sooner.
Family Size Maximum Income
1 $ 60,200
8 or more 113,550