Aid for Nassau first-time homebuyers

County Executive Edward Mangano announced Tuesday that first-time home-buying Nassau residents could be eligible for up to $20,000 in federal aid for down payments or closing costs on a primary residence.

“The American dream just got closer to reality for some Nassau residents thanks to the availability of these federal funds,” Mangano said in a statement.

The Long Island Housing Partnership will act as agent for Nassau’s Office of Community Development and accept applications beginning May 7. The funds are from the Department of Housing and Urban Development.

Applicants must provide a minimum down payment of at least $3,000, or more if the mortgage lender demands it, along with its other requirements. Applicants are also required to reside in the home for at least 10 years or be responsible for full repayment of the HUD grant.

A first-time home buyer must not have owned a home during the three-year period immediately before using these federal funds. The applicant must be the principal resident and be income eligible. Several other conditions apply.

Income guidelines are based on family size and maximum income.

Homes must be in Nassau County and must be single-family dwellings with a maximum appraised value not exceeding $396,625.

To apply, call 516-572-2723 or 631-435-4710. Applications will be evaluated and certified on a first-come basis. The deadline for submissions will be after 75 applicants are deemed eligible or July 31, whichever is first.