Presiding Officer Norma L. Gonsalves and Nassau County Executive Edward P. Mangano announced the award of $500,000 in Federal Home Investment Partnerships (HOME) Program funding that promises to help make the dream of home ownership a reality for first-time homebuyers. “This Federal Home Investment Partnerships Program funding and the Long Island Housing Partnership will truly help residents achieve homeownership”, said Norma Gonsalves.
Under provisions of the Federally funded program, the County has set aside the Home Program Funds, which are provided by the U.S Department Of Housing and Urban Development (HUD), to provide eligible first-time homebuyers with up to $25,000 towards a down payment/closing costs for the purchase of an eligible new or existing single family home. The applicants must provide a minimum down payment of at least $5,000 in addition to satisfy the mortgage lender minimum down payments requirements and being 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 Long Island Housing Authority (LIHP) will be accepting applications, until they have approximately 70 completed and accepted applications submitted, from first –time homebuyers for down payment closing cost assistance towards the purchase of a principal residence. More than 20 applicants were assisted in the home buying process under the same program during fiscal years 2013-14. To be eligible, an applicant must be a first-time homeowner having not owned a home during the three years immediately prior to purchasing a residence with Home assistance funds and must occupy the property as principal residence.
The annual gross income must not exceed income limits as outlined in HUD guidelines below, taking overtime and assets into consideration.
Applicants must attend a mortgage counseling session, be able to secure a mortgage, and have a minimum household income of at least $30,000.
Income Guidelines
Family size Maximum Income1 $61,050
2 $69,8003 $78,500
4 $87,2005 $94,200
6 $101,2007 $108,150
8 or more $115,150
Eligible homes for purchase must be pre-existing or newly constructed residences located within the Nassau County boundaries. They must be single family dwellings, which include townhouses, condominiums, co-operative apartments and manufactures homes and be occupied as principal residences. The Maximum Appraised Value cannot exceed $354,000.
To request an application please call the Long Island Housing Partnership at (631) 435-4710 or visit its website at www.lihp.org to fill out a request form. For more information please contact Ms. Jessica Russo at the Long Island Housing Partnership.