Administration Has Helped Create Nearly 1,000 New Housing Opportunities
Nassau County Executive Edward P. Mangano 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. 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 an agent for Nassau County Office of Housing and Community Development, will be accepting applications, now through January 31, 2014, from first-time homebuyers for down payment/closing cost assistance towards the purchase of a principal residence.
“My administration has made it a priority to create ways in which to assist families, seniors, and young adults with new housing opportunities,” said County Executive Mangano. “With this Federal HOME Investment Partnerships Program funding, my administration and the Long Island Housing Partnership will truly help residents achieve the American Dream of homeownership. Since taking office, my administration has helped create nearly 1,000 new housing opportunities in Nassau County.”
Under provisions of the federally funded program, County Executive Mangano has 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 a 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 Fiscal Years 2012-13. 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 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 homes for purchase must be pre-existing or newly constructed residences located within the Nassau County boundaries. They must be single family dwellings, which include townhouses, condominiums, co-operative apartments and manufactured homes and be occupied as a principal residence. 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 Housing and Community Development, Home Ownership Center, 40 Main Street, First Floor, Hempstead, NY 11550. For information contact Norman Gersman at (516) 572-2723. Or contact the Long Island Housing Partnership, Inc. as agent for NCOCD, 180 Oser Avenue, Suite 800, Hauppauge, NY 11788. For information contact Jessica Ostrosky 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 January 31, 2014, whichever is sooner.