Charles Schwab, Michael Illari, Southampton, Hamptons
27east.com

Real Estate Center

Financial Help For First-Time Homebuyers

Publication: The East Hampton Press & The Southampton Press
  Jun 26, 2011 6:18 PM
Jun 26, 2011 10:14 PM

First-time home buyers in Suffolk County may be eligible for as much as $14,000 in down payment assistance from the county through a $1 million program that helps buyers clear that last hurdle toward home ownership, according to Suffolk County Executive Steve Levy.

“This $1 million in federal home aid is the highest amount Suffolk has allocated, matching the amounts of the last three years, and provides an important stimulus to the housing market at this time,” said Mr. Levy in a release issued last week. “More significantly, this program helps our working families achieve the American Dream of home ownership here in Suffolk County.”

Eligibility is determined by the Suffolk County Community Development Office based upon family size and gross annual income in accordance with U.S. Department of Housing and Urban Development standards. Under the guidelines, a family of two can make as much as $67,900, and a family of four as much as $84,900, and still be eligible.

According to information provided by Mr. Levy, families earning 60 percent of the area median income will be eligible for grants of up to $14,000 and families at or below 80 percent of the area median income eligible for grants up to $12,000.

Applications for the assistance program are being accepted on a first-come, first-served basis and can be obtained by written request or by calling the Suffolk County Office of Community Development at (631) 853-5705. Requests for applications may be sent to the Office of Community Development at the H. Lee Dennison Building, 11th Floor, P.O. Box 6100, Veterans Memorial Highway, Hauppauge, New York, 11788-0099. For additional information, visit co.suffolk.ny.us.

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