Foreclosed Homes Become Opportunities For First-Time Homebuyers

County Executive Mangano, CDC Hold Ribbon Cutting at Freeport Home

Nassau County Executive Edward P. Mangano, was joined today by representatives from the Nassau County Office of Community Development (NCOCD), Community Development Corporation of Long Island (CDC), HUD, New York State Homes and Community Renewal (HCR) and the Village of Freeport, at a ribbon-cutting celebration at brand-new homeowner Ivan Leiva’s home. The home, located in the Village of Freeport, was redeveloped through collaboration of the Nassau County Neighborhood Stabilization Program and the CDC’s Reclaim Long Island Homes program.

Great partnerships comprise County Executive Mangano’s effort to improve economic conditions and provide opportunities for residents. The vision of “Reclaim Long Island Homes” is just that: reclaim houses that have previously been lost to foreclosure. The homes are then completely rehabilitated and sold to qualified first time homebuyers. All buyers receive in depth pre-purchase education from CDC’s NeighborWorks® HomeOwnership Center to ensure healthy, sustainable homeownership. One million dollars of funding for this program comes from the federal & state Neighborhood Stabilization Program administered through the Nassau County Office of Community Development.

“CDC is proud to partner with Nassau County and New York State on our Reclaim Long Island Homes program,” said Marianne Garvin, President & CEO, CDC of Long Island. “Acquiring foreclosed properties that blight neighborhoods and returning them to productive use help to uplift communities, while offering homeownership opportunities for families who could not otherwise afford to purchase a home.”

“Today I thank HUD, New York State Homes & Community Renewal and the Community Development Corporation of Long Island for their partnering with us to make this possible and celebrate the success of this program,” said County Executive Mangano. “We have taken this home, which just a while ago was another statistic of this tough economy and turned it into a great house for Ivan and his family. Our administration is proud of the strides we’ve made to continually improve our neighborhoods and create opportunities for the residents of Nassau County.”

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About Community Development Corporation of Long Island
CDC of Long Island is a not-for-profit organization that supports Long Islanders pursuing their housing and small business dreams. Since its inception 41 years ago, CDC invests its resources, talents and knowledge in households, small business and communities assisting more than 93,000 Long Islanders and investing $806 million into their communities. Last fiscal year alone, CDC served more than 17,000 Long Islanders investing nearly $85 million into their communities. For more information, please visit www.cdcli.org.