Mangano Announces Federal Funds To Help Residents Achieve The American Dream Of Homeownership
Administration Has Helped Create Over 1,325 New Housing Opportunities
WASHINGTON, D.C. – November 10, 2015 – (RealEstateRama) — 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 some first-time homebuyers. As part of his on-going commitment to help Nassau residents become homeowners, County Executive Mangano said that the Long Island Housing Partnership (LIHP), as an agent for Nassau County Office of Housing and Community Development, 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.
“My administration has made it a priority to create ways in which to assist families, seniors, and young adults with new housing opportunities,” said County Executive Mangano. “With this Federal HOME Investment Partnerships Program funding, my administration and the Long Island Housing Partnership will truly help residents achieve the American Dream of homeownership. Since taking office, my administration has helped create over 1,325 new housing opportunities in Nassau County as well as launched veteran housing initiatives.”
Under provisions of the federally funded program, County Executive Mangano 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 satisfying the mortgage lender’s minimum down payment 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.
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 a principal residence. In addition, their gross annual 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 Income
1…………………………………….. $ 61,050
2 ……………………………………. $ 69,800
3………………………………………$ 78,500
4 ……………………………………..$ 87,200
5………………………………………$ 94,200
6 ……………………………………. $ 101,200
7…………………………………….. $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 manufactured homes and be occupied as a principal residence. 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.
