Uniondale, NY- Nassau County Executive Thomas R. Suozzi today announced an innovative, ground-breaking $10 million "Next Generation Housing Fund" which will support five initiatives for a New Suburbia. The County Executive introduced the Fund, its uses and distribution, at the County's first Housing Summit which he co-hosted with Patrick G. Duggan, Deputy County Executive for Economic Development. The five initiatives include: Education and Information; Visioning and Planning grants; the Nassau County Second Mortgage Program; Local Government Site Acquisition Revolving Loan Fund; and a Revolving Loan Fund for responsible suburban development.

"The Towns and Village governments have direct control over zoning, building codes and land-use planning. County government can work in partnership with local governments by providing funding to assist them to identify and provide incentives for next generation housing," said Suozzi.

"County government may not be able to physically build Next Generation Housing but we can provide the funding and technical assistance that can help build a foundation," Suozzi added. "We can facilitate the planning and building of homes that seniors, working families, newly-married couples, and recent graduates can afford by providing some of the necessary tools," he concluded.

The County will set aside $500,000 of the Fund for an Educational and Informational campaign to promote Next Generation Housing.

County Executive Suozzi also proposes that $2 million be provided as grants to local governments for Visioning and Planning which include identifying sites, economic feasibility, design, engineering and real estate analysis.

Additionally, $1.5 million of the Next Generation Housing Fund will fund Nassau County's "Second Mortgage Program" to help first-time homebuyers. The $1.5 million will guarantee over $5 million in bank financing. The Second Mortgage Program will feature low interest rates, no points and no private mortgage insurance. This new program will leverage other downpayment assistance grants and supplement our housing programs which help preserve and enhance existing housing units.

The County will create a low interest Revolving Loan Fund to encourage mixed-income and mixed-use responsible suburban development in Nassau County downtowns, Brownfields and other revitalization areas. Funded with $3 million, this program will help qualified private and non-profit developers re-energize some of Nassau's aging downtowns and encourage economic development.

Finally, $3 million will be set aside as an Acquisition Loan Fund for Nassau County to empower local governments to identify and acquire property for Next Generation Housing.

$10 million dollars for the Housing Fund will come directly from excess funds realized from the sale of a County building at 101 County Seat Drive.

"I will be seeking Legislative approval for this appropriation and look forward to partnering with the Legislature to move these programs forward," explained Suozzi.

"Nassau County has stopped growing and we have little open space. America's first suburb, having reached middle-age, cannot continue the status quo. No new construction or new business coupled with rising expenses and a flat tax base, will result in local government and school districts raising property taxes further or dramatically cut existing services. We must have a vision for growth that preserves our existing single family neighborhoods and open spaces, while encouraging the planned development of Next Generation Housing - homes that working families can afford," stated County Executive Suozzi in his opening remarks.