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Suffolk County Executive Steve Bellone announces first-time homebuyer assistance. OFFICE OF COUNTY EXECUTIVE BELLONE
Suffolk County’s first-time homebuyer program is more than doubling its down payment assistance grant to $30,000.
In announcing last week the larger grant — in the form of a zero-interest forgivable loan — and that the application period is now open, County Executive Steve Bellone said the news is significant because it concerns the American dream.
“It is a phrase that is tossed around and is used to symbolize a life of prosperity and abundance and success in our country and the rewards that come with that and with living in this great nation,” Bellone said.
At its core, he said, the American dream represents opportunity. “It’s the gateway to upward mobility and the belief that hard work will be met with ample benefits,” he said. “Sadly, for many, the promise remains elusive.”
Previously, the county offered down payment assistance of up to $14,000 for a single-family residence with the condition the home is owner-occupied for at least five years. Now, the assistance is up to $30,000, and the homebuyers must live in the home for 10 years, Bellone said.
The down payment assistance money comes from the U.S. Department of Housing and Urban Development’s HOME Investment Partnerships Program. The buyer is still responsible for closing costs and monthly payments.
To be eligible, annual household income must be no less than $40,000, and no more than $86,200 for a single person, $98,500 for two people, $110,800 for a family of three and $123,100 for a family of four. The maximum income goes up from there for even larger families, with a maximum of $162,500 for a family of eight or more.
The maximum home price is $550,000 for new construction and $532,000 for an existing home.
“There are many families out there who could be in a position to own a home but the biggest impediment is that down payment,” Bellone noted.
Jaime Sanchez, the director of housing counseling for the Long Island Housing Partnership, said the program will make homeownership a reality for more Suffolk County residents.
“This program will be a game changer for those looking to buy a home and will level the playing field for those who want a home but struggle to make that down payment or are struggling with affordability,” she added.
Homes that are eligible for the assistance must be located in the Suffolk County HOME Consortium, which the five East End towns are a part of as well as the villages of Sag Harbor, Southampton, Westhampton Beach and West Hampton Dunes.
The deadline to apply is March 31, 2024. Apply at scdownpayment.com.
