In an effort to help residents achieve the “American Dream,” Nassau County Executive Laura Curran announced $500,000 in funding to aid in down payment and closing costs for first-time homebuyers last week.
The funding, which came from the federal HOME Investment Partnerships Program, was awarded to the Long Island Housing Partnership. According to Curran, homebuyers that are accepted will have a chance to receive upwards of $25,000 toward down payments or closing costs in the purchase of an eligible single-family residence in Nassau County.
The housing partnership has begun accepting applications from first-time homebuyers, according to county officials.
For homeowners to be eligible, they must not have purchased a home during the three years immediately prior to the purchase of a residence with federal aid, occupy the property as a principal residence, attend a mortgage counseling session and be able to obtain a mortgage.
The prospective buyer must also not exceed income limits set by the county. Officials said overtime and assets are also taken into consideration.
For one person, gross income cannot exceed $70,950. For two people, it must not exceed $81,050. For three, it must not exceed $91,200. For four, it must not exceed 101,300. The maximum amount of income for a family with eight or more people is $133,750. A full breakdown of the statistics can be found at https://www.nassaucountyny.gov//.
“This award is a wonderful opportunity for first-time homebuyers in Nassau County to achieve the American Dream,” Curran said. “Especially given the increased interest in buying in Nassau, this funding can really make a difference for first-time homebuyers.”
The maximum appraised value of the home cannot exceed $459,000, according to county officials. Applications will be evaluated and certified on a first-come, first-serve basis, with the deadline for submitting applications either Feb. 17 or when 75 applicants have been qualified.
Applications can submitted online or can be obtained by mail upon request or picked up in person at the county’s office of community development at 1 West St., Suite 365, Mineola, NY 11501.
According to October statistics from OneKey MLS, a multiple listing service that includes Long Island real estate statistics, the median sale price for homes increased year-over-year by 9.3 percent to $590,0000 in Nassau County. Nassau home prices set a record high of $595,000 in August, according to statistics.
The number of home sales jumped in Nassau by 16 percent from the previous year, and the number of homes going into contract rose by 65 percent in the county over the last year.
“County Executive Curran should be commended for Nassau County’s commitment to the Downpayment Assistance Program,” Long Island Housing Partnership President and CEO Peter Elkowitz said. “Particularly now, with the demand for homes on Long Island rising, and the prices increasing commensurately, first-time buyers seeking an affordable home need this assistance more than ever.”
A total of 14 applicants were aided in their first homebuying process last year, according to county officials. More than 800 families have benefited from the partnership between Nassau County and the Long Island Housing Partnership over the past 23 years.