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Financial help for first-time Nassau homebuyers
Nassau County Executive Edward Mangano announced the award of $500,000 in Federal HOME Investment Partnerships Program funding to help make home ownership a reality for some first-time buyers.
“My administration has made it a priority, working with the Long Island Housing Partnership, to create ways in which to assist families, seniors, and young adults with housing options,” said Mangano, adding he already has helped create 850 new housing opportunities in the county.
The U.S. Department of Housing and Urban Development program provides that the funds be set aside to provide eligible first-time home buyers with up to $20,000 toward down-payment/closing costs for the purchase of an eligible single-family home.
The applicants must provide a minimum down payment of at least $3,000 in addition to satisfying the mortgage lender’s minimum down payment requirements and being able to secure a mortgage. Homeowners must live in the home at least 10 years or HUD will demand full repayment.
Homeowners must occupy the property as a principal residence, and their gross annual income can’t exceed income limits as outlined in HUD guidelines.
More than 30 applicants were assisted under the same program in the last fiscal year.
Applicants must attend a mortgage counseling session, be able to secure a mortgage, and have a minimum household income of at least $30,000.
Applications are available by mail on request or can be picked up at the Nassau County Office of Community Development, Home Ownership Center, 40 Main St., First Floor, Hempstead, NY 11550. For information, contact Norman Gersman at 516-572-2723 or Jessica Ostrosky at 631-435-4710. Applications will be evaluated and certified on a first-come, first-served basis, until 60 applicants qualify or May 31, whichever is first.