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County Executive Bellone Announces $350K in Down Payment Assistance Funds For First Time Homebuyers

Categories: County Executive | Author: probinson | Posted: 9/26/2016 | Views: 1667

November Deadline for Prospective Homebuyers to Submit Applications

(Suffolk County, NY) –Suffolk County Executive Steve Bellone was joined by Legislator Kara Hahn and Community Development officials to announce the extension of the Suffolk County Down Payment Assistance Program. The financial program will assist first time homebuyers with down payment funds in order to help make the “American Dream” of homeownership a reality for families.

 

“Having access to homeownership can be critical to the long-term stability of families and helps strengthen communities,” said Suffolk County Executive Steve Bellone.  “Yet, for many first time homebuyers, coming up with down payment funds is an insurmountable obstacle that can deny them the chance to own a home.  This program helps to address that issue.” 

"It is important that we have young people stay here in Suffolk County, to work here, to live and recreate," said Suffolk County Legislator Kara Hahn. " I’d like to thank the folks from Community Development to make this a reality for individuals to stay. And it’s great to see that our residents are utilizing of this program."

Assistance will provide up to $10,000 in grant funding to eligible first time home buyers – helping an additional 35 Suffolk County families.  Since the program’s inception, Suffolk County has helped more than 1,700 families with down payments on their first homes.

 

Applications are now being accepted through November 30, 2016.  Residents can download the application through the Community Development tab on the County’s website, www.suffolkcountyny.gov.  Applications will be accepted by mail only and can also be requested from the Community Development Office at (631) 853–5705.

Bellone stressed that qualified Suffolk County residents must purchase a home within the consortium area, they will have 90 days from the date of issuance of the Purchase Certificate, to submit a fully executed Contract of Sale to the Community Development Office or 300 days to submit a fully executed contract of sale if the first time home buyer is purchasing a new construction home.

The consortium includes all of Suffolk County, excluding the Towns of Babylon and Islip. 

Comprehensive details of the eligibility criteria, income guidelines, and other elements of the program are available on the County Web site.   Key elements include:

Eligibility Criteria

•        An applicant must be a first-time homebuyer is defined by the U.S. Department of Housing and Urban Development (HUD) as a household that has not owned a home during the three-year period immediately prior to the purchase of a residence with HOME funding.

•        Prospective applicants must represent a low to moderate income household with an annual income not exceeding 80% of the area median income as determined by HUD, which includes an adjustment for family size; must have at least $3,000 banked at the time of application; and have a documented minimum income of at least $30,000 and be able to obtain a mortgage from a qualified lender.

•        The maximum appraised value of a single-family residence to be purchased within the Suffolk County Consortium HOME Selection Area cannot exceed $356,000 for existing housing or for new construction.  The following kinds of housing are eligible: single family homes, condominiums, and cooperative apartments (co-ops). 

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