ASCEND Homes & Community Foundation is accepting applications for a shot at purchasing one of two newly constructed affordable four-bedroom homes in Hampton Bays.
Built by Campo Brothers, the homes on Gateway Court are priced at $507,000 each for income-qualified applicants, and first-time homebuyer assistance is also available. The monthly payment is expected to be $3,000 to $3,900 with taxes and insurance.
The homes are 2,000 square feet with four bedrooms, two and a half bathrooms, an unfinished basement and a two-car garage. The lots are 0.4 acres each.
The minimum household income in order to be eligible is $95,000 annually. The maximum permitted household income is 130 percent of area median income. That is $142,250 for a single person, $162,600 for a family of two, $182,900 for a family of three and $203,200 for a family of four.
Applicants must be first-time homebuyers, which the program defines as a household that has not owned a home for the past three years. Applicants may own vacant land or a vacation timeshare. Applicants who do not hold title to a home but did receive the benefits of a mortgage interest deduction and/or property tax deduction during the three years prior to applying are not considered first-time homebuyers.
Applicants must, at the time they apply, have 3 percent of the purchase price on hand from their own funds — not gifts — shown on their most recent bank statements. Applicants must have sufficient credit and resources to qualify for a mortgage.
Applications will be reviewed on a first-come, first-served basis.
“Final selection of a homebuyer will be based on meeting income limit requirements, ability to secure a mortgage and meeting all program guidelines,” Ascend states.
Suffolk County HOME Down Payment Assistance is available in the amount of $30,000 to households earning up to 80 percent of the area median income, or $123,100 for a family of four. The assistance is like a no-interest loan that is forgiven after 10 years of living in a home purchased with the subsidy.
Applications for the Hampton Bays homes are available at southamptonha.org/housing-resources and may also be requested by calling the Town of Southampton Housing Authority at 631-488-4220 extension 203 or by emailing info@southamptonha.org. The county down payment assistance program is under a separate application.
Direct questions to info@southamptonha.org or 631-488-4220 extension 210.
Applications and required documents must be delivered — not faxed or emailed — to ASCEND Home and Community, 57 Springville Road Unit 34A, Hampton Bays, New York 11946, Attention: The Woods at Hampton Bays.
The submission period begins at 9 a.m. on September 25 ends at 4 p.m. on October 13.
Staff Writer on Sep 25, 2023