Corbin Encourages Potential Homeowners to Apply for HOME Assistance Program

Nassau County Deputy Presiding Officer Roger Corbin (D-Westbury) is encouraging potential first-time home buyers who meet eligibility requirements to apply for HOME assistance on down payments on homes that cost less than $474,050.

“Home ownership is part of the American Dream that every resident deserves the chance to enjoy,” Corbin said. “While home prices in Nassau County are higher than the national average, this program will give those who qualify assistance towards realizing that dream.”

Nassau County will provide eligible first-time home buyers with $15,000 towards down payment/closing costs provided that the applicant put a minimum down payment of at least $2,000. The applicant must also be able to satisfy the mortgage lender’s minimum down payment requirements and secure a mortgage with a recognized lending institution.

Applicants must be a first-time homeowner, have a gross annual income not exceeding 80% of the median income for the area as determined by HUD, occupy the home as a principal residence, and cannot have entered into a contract to purchase a home prior to July 2, 2007.

Applications can be picked up at the Nassau County office of the Long Island Housing Partnership, Inc. between the hours of 9:30 a.m. and 4 p.m., or received in the mail upon written request or by calling the office at (516) 572-1915. Applications must be filed on or before 4:30 p.m. Friday, Dec. 28, 2007 with a $35 processing fee.

INCOME GUIDELINES

Family Size                   Maximum Allowable Income

1 $52,550

2 $60,050

3 $67,550

4 $75,050

5 $81,050

6 $87,050

7 $93,050

8 $99,050