First-Time Home Buyers
Nassau County First-time Homebuyer Downpayment Assistance Program
The Nassau County Office of Housing and Community Development has awarded $500,000 in federal HOME Investment Partnerships (HOME) Program funding for a first-time home buyer assistance program. The continuation of this long successful program is a part of an on-going commitment to help make the "American Dream" of home ownership a reality for first time home buyers who wish to reside in Nassau County. The Long Island Housing Partnership (LIHP), will act as the agent for the County and administer the Program. The LIHP will be accepting applications from first time home buyers for down payment/closing cost assistance towards the purchase of a principal residence beginning Monday, July 16, 2018 .
Under provisions of a federally funded program, County Executive Laura Curran has set aside HOME Investment Partnerships (HOME) Program Funds provided by the U.S. Dept. of Housing and Urban Development (HUD). Nassau County will provide eligible first-time homebuyers with up to $25,000 towards down payment/closing costs towards the purchase of an eligible new or existing single family home, provided that the applicant puts a minimum down payment of at least $3,000. The applicant must also be able to satisfy the mortgage lender’s minimum down payment requirements and be able to secure a mortgage. Homeowners are required to reside in the home for a minimum of 10 years or HUD will require a full repayment of the grant.
The second component of the Downpayment Assistance Program is the Employer Assisted Housing Program.
The purpose of the Nassau County Employer Assisted Housing Program (EAHP) is to assist County employers with recruiting and retaining a skilled and qualified workforce while at the same time helping Nassau County workers to purchase homes near their jobs. County employers must register in the Program with the LIHP and pledge to assist current and/or future employees with a matching grant of $9,000 towards the purchase of a new or existing single-family home.
Nassau County EAHP funds are essentially a zero-interest deferred loan. Applicants below 80% of median income are eligible to receive up to $12,000 in HOME assistance, along with the employer grant of $9,000.
Additionally, applicants may receive funding from New York State under the Affordable Housing Corporation (AHC) Program. Awarded AHC funds can be up to $12,000 for newly constructed houses OR up to $26,000 in down payment assistance and $24,000 for repairs for the purchase of an existing house.
Fifteen (15) applicants were assisted in their home buying process under the same two programs during FY2017.
During the past 20 years the County and the LIHP have worked together to assist more than 800 families to purchase their first home.
These families have been able to purchase a home that they can afford anywhere in Nassau County. Prospective home buyers are able to seek out houses in areas that suit their individual needs which has the added bonus of helping to diversify our communities
Assisted home buyers have been aided in fulfilling the American dream of home ownership under this successful program and have found homes all over the County from Baldwin & Bethpage to Wantagh & Westbury ¾ in 57 different communities.
- Be a First Time Homeowner - as defined by HUD as a household that has not owned a home during the three year period immediately prior to the purchase of a residence with HOME assistance funding.
- Be a Family occupying the property as a Principal Residence.
- Qualify as an Income Eligible Family - meaning a prospective buyers must have a gross annual income not exceeding the income limits for the area as listed below with overtime and assets also taken into consideration.
- Attend a mortgage counseling session and be able to secure a mortgage.
- Have a minimum household income of at least $30,000.
| Income Guidelines:
| Family Size
|2|| $ 74,700
|3|| $ 84,000
|4|| $ 93,350
|5|| $ 100,850
|6|| $ 108,300
|8 or more|| $ 123,250
Type of Housing Available: Homes purchased must be eligible 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.
Property Value Limit: Maximum Appraised Value cannot exceed $409,000.
Applications: Available by mail upon request or can be picked up in person at:
Long Island Housing Partnership, Inc.
as Agent for NCOHCD
180 Oser Avenue, Suite 800
Hauppauge, NY 11788
Telephone #: (631) 435-4710
Applications will be evaluated and certified on a first come, first served basis. The deadline for submitted applications and supporting documentation will be when LIHP has qualified 75 applicants as eligible or September 7, 2018, whichever is sooner.