HOME Frequently Asked Questions
1. What is the HOME program?
The HOME program was created under Title II (the HOME Investment Partnership Act) of the National Affordable Housing Act of 1990. HOME funds can be used for housing related activities including real property acquisition, new construction rehabilitation, tenant based rental assistance, homebuyer assistance, and support services. The HOME Program requires a 25% match of funds from non-federal sources HOME provides formula grants to States and localities that communities use-often in partnership with local non-profit groups to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for rent or homeownership or provide direct rental assistance to low-income people.
2. What do we fund?
OCD offers gap financing for both new construction of single family and multi-family housing for low and moderate income persons and for the preservation and rehabilitation of existing affordable multifamily and single family rental housing in Nassau County .
3. How are the funds provided?
Funds may be given as a grants, low interest loans or deferred payment loans depending on the project and amount of funds given.
4. How do I get funded?
An application for funding and HOME project guidelines can be obtained at Nassau County OCD applications. Applications are submitted annually and due on the first day of April in the current year. Any applications submitted after April 1st will be reviewed and considered for funding under the County’s rolling application review period, if funding is available.
5. What is the Down Payment Assistance Program?
Nassau County will provide eligible first-time homebuyers with up to $20,000 towards down payment/closing costs. This program is administered by the Long Island Housing Partnership in coordination with the OCD. The Long Island Housing Partnership, as agent for Nassau County OCD accepts applications yearly from first time homebuyers for down payment/closing cost assistance toward the purchase of a primary residence.
6. What are the requirements to be eligible?
The program is limited to first-time homebuyers defined as a household that has not owned a home during the three-year period immediately prior to the purchase of a residence). 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 $362,790. The maximum permitted annual household income for purchasers in the Nassau County HOME Down Payment Program shall not exceed 80% of the median annual household income for the area as determined by the U.S. Department of Housing and Urban Development (HUD). This program may be coupled with other types of assistance programs. All homes must be purchased within Nassau County.