August 4, 2005

Nassau County Home Down Payment Assistance Program
Accepting Applications

Mineola, NY-County Executive, Thomas R. Suozzi, is committed to help make the “American Dream of home ownership a reality for first time Nassau County homebuyers.  He is proud to announce that the Long Island Housing Partnership, as agent for Nassau County Office of Housing & Intergovernmental Affairs, is accepting applications from first time Nassau County homebuyers for down payment/closing cost assistance toward the purchase of a principal residence through December 30th, 2005. The Down Payment Assistance has increased this year from $10,000 to $15,000, the first increase since 1997.

Under provisions of a federally funded program, Nassau County will provide eligible first-time homebuyers with $15,000 towards down payment/closing costs provided that the applicant puts a minimum down payment of at least $2,000.  Homes purchased must be pre-existing or newly constructed residences located within the boundaries of Nassau County.  They must be single-family dwellings (includes townhouses, condominiums, co-operative apartments and manufactured homes) occupied as a principal residence.  The appraised value of a HOME assisted property to be acquired by a first-time homeowner must not exceed the limit on the value of a single-family unit, which is $380,475.

            Eligibility Criteria: An Applicant MUST be a…
           

1. First Time Homebuyer – as defined by HUD as a household that has not owned a home during the three year period immediately prior to purchase of a residence with HOME assistance funding;
2. Family Occupying the Property as a principal residence;
3. Income Eligible Family – meaning a prospective buyer must have a gross annual income not exceeding the income limits for the area as listed below with assets also taken into consideration.  The family must be able to secure a mortgage.
4. Must have a minimum income of $25,000.

Income Guidelines:

Family   Maximum
Size       Income

1- $49,750

2 - $56,850

3 - $63,950

4 - $71,100

5 - $76,750

6 - $82,450

7 - $88,150

8 or more  $93,850

The Down Payment Assistance Program funds are a deferred payment, non-interest loan, to assist the buyer in a first-time home purchase, which must be fully repaid to the NCOHIA only if the home is sold or transferred within a ten (10) year period.

Applications are available by mail upon request or can be picked up in person at:

Long Island Housing Partnership, Inc.    OR     Long Island Housing Partnership, Inc.
As Agent for NCOHIA                                 as Agent for NCOHIA
100 County Seat Drive                                180 Oser Avenue, Suite 800
Mineola, NY 11501                                                 Hauppauge, NY 11788
Telephone #: (516) 571-0369                                   Telephone #: (631) 435- 4710

Applications shall be completed in full and returned with the $35.00 non-refundable application/processing fee on or before 4:30 P.M. Friday, December 30, 2005.  Applications received or postmarked after this deadline will not be considered.

Call the Nassau County Homeownership Center to inquire about other Housing Assistance Programs at 516-571-2024 or 516-571-2027.