As part of an effort to make the American Dream a reality for residents, Suffolk County’s Community Development Office is accepting applications from first-time homebuyers for its down payment assistance program.
Under the provisions of the federally-funded program, it could provide up to $14,000 toward the purchase of a single-family residence in Suffolk County. County Executive Steve Bellone allocated HOME Investment Partnerships Program funds provided by the U.S. Department of Housing and Urban Development to assist income-eligible homebuyers. The eligible homebuyer will be responsible for the balance of the down-payment and all closing costs.
The home looking to be purchased cannot include a rental unit and must be located within the Suffolk County Consortium. The townships of Islip, Babylon, and Brookhaven are excluded. It can be newly-constructed or pre-existing, a condominium, co-operative apartment, or manufactured home. Manufactured homes must be placed on real property owned or to be owned by the purchaser.
Private mortgages, short sales, foreclosures, or bank-owned properties are ineligible.
The maximum appraised value of an existing home cannot exceed $385,000. For a newly constructed home, the appraised value cannot exceed $421,000.
According to the Department of Housing and Urban Development, a first-time homebuyer is defined as a person who has not owned a home during the three-year period immediately prior to the purchase of a residence with HOME funding. Applicants’ adjusted gross household income must be within the Department of Housing and Urban Development guidelines, which can be found on Southampton Town and Suffolk County’s websites.
Applications may be downloaded from the Suffolk County website www.scdownpayment.com or by contacting the Suffolk County Down Payment Assistance Program Suffolk County Community Development Office 100 Veterans Memorial Highway- 2nd Floor, Hauppauge, NY, 11788-0099 or by calling 631-853-5705. Applications must be received by December 31.