April 21, 2005

$10 Million Dedicated to New Initiatives for New Suburbia
Next Generation Housing Fund

Mineola, NY- Nassau County Executive Thomas R. Suozzi today announced an innovative, ground-breaking $10 million “Next Generation Housing Fund” which will service five initiatives for uses and distribution, at the County’s first Housing Summit which he co-hosted with Patrick G. Duggan, the Deputy County Executive for Economic Development. The five initiatives include: Education and Information; Visioning and Planning; the Nassau County Second Mortgage Program; Local Government Site Acquisition; and loans for responsible suburban development.

“Nassau County has stopped growing and we have little open space. America’s first suburb, having reached middle-age, can not continue the status quo. No new construction or new business and 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.

Through the Next Generation Housing Fund, County Executive Suozzi proposes that $2million be provided as grants to local governments for Visioning and Planning efforts; as well as design, engineering and real estate analysis.

$3 million will be set aside for Nassau County to empower local governments to identify and acquire sites for Next Generation Housing.

To help Finance Next Generation Housing, the County will create a low-interest-revolving Loan Program dedicated to encourage mixed-income and/or mixed-use Responsible Suburban Development in Nassau County downtowns. Funded with $3 million, this program will help qualified private and non-profit developers energize some of Nassau’s aging downtowns.

$1.5 million will come out of the Next Generation Housing Fund for Nassau County’s “Second Mortgage Program” that will help first-time homebuyers with down payments. This program will feature low interest rates, no points and no private mortgage insurance. This new program will supplement our existing rehabilitation program which helps preserve and enhance existing housing units.

The Fund will additionally set aside $500,000 for an Educational and Informational campaign to promote next generation housing.

County Executive Suozzi extended an invitation to local Town and Village governments to work with the County as part of the Nassau County Planning Federation. “Together they will develop new model planning and zoning codes that will encourage Next-Generation Housing as well as affordable workforce and senior housing, wherever local government decides.”