Prospective first-time homebuyers in Nassau County may be eligible for financial assistance for the down-payment, Nassau County Executive Edward P. Mangano announced this week.
An award of $500,000 in Federal HOME Investment Partnerships (HOME) Program funding – funded through the U.S. Department of Housing and Urban Development – promises to help make the dream of home ownership a reality for some first-time homebuyers.
As part of his on-going commitment to help Nassau residents become homeowners, County Executive 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,” said County Executive Mangano. “Since taking office, my administration has helped create 850 new housing opportunities in Nassau County.”
Under provisions of the federally funded program, first-time homebuyers are eligible for up to $20,000 towards down payment/closing costs for the purchase of a 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 not have 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 below, taking overtime and assets into consideration.
Applicants must attend a mortgage counseling session, be able to secure a mortgage, and have a minimum household income of at least $30,000.
FamilySize Maximum Income
1 $ 59,300
2 $ 67,800
3 $ 76,250
4 $ 84,700
5 $ 91,500
6 $ 98,300
8 or more $111,850
Eligible single-family dwellings include townhouses, condominiums, co-operative apartments and manufactured homes. The maximum Appraised Value cannot exceed $396,625.
Applications are available by mail on request or can be picked up in person at the Nassau County Office of Community Development, Home Ownership Center, 40 Main Street, First Floor, Hempstead, NY 11550. For information contact Norman Gersman at (516) 572-2723.
Or, contact Jessica Ostrosky at the Long Island Housing Partnership at (631) 435-4710.
Applications will be evaluated and certified on a first-come, first-served basis. The deadline for submitted applications and supporting documentation will be when LIHP has qualified 60 applicants as eligible or May 31, 2013, whichever is sooner.
“This HOME Program is designed to create affordable housing for families,” County Executive Mangano said. “It is one of the only forms of assistance available for residents who otherwise might NOT have the opportunity to make their dreams come true by becoming homeowners.”
Last week, Mangano announced the approval of an economic development compact that turns an empty commercial building in Mineola, into residences for young people and working families.
“As you know, homeownership and affordable housing is vitally important to keeping families, seniors and young professionals on Long Island and is critical to economic stability and continued growth,” he said.