Suffolk County Executive Ed Romaine today announced that $167,000 in funds is still available from the County’s Down Payment Assistance Program, and that there is approximately $2 million in additional HUD funding that can be partially reallocated to the program. Through the program, eligible first-time homebuyers are provided up to $30,000 on the purchase of a single-family residence under the condition that they live in the home for at least 10 years.
“I am enthusiastic about the prospect of assisting many more individuals and families in Suffolk County achieve the ‘American Dream’ of home ownership,” said Romaine. “Previously we were able to offer up to $14,000 per homeowner and this year, I am proud to say that we were able to increase that amount to $30,000 per homeowner. Together let us build a brighter future for our communities through the power of homeownership.”
The program, which was launched in 1993, provides eligible, first-time homebuyers with a conditional grant of up to $30,000 to use towards their down payment. The buyer is responsible for the balance of the down payment and all of the closing costs. There have been 48 closings since January of 2018, totaling $630,000 in assistance.
All prospective applicants are required to attend housing counseling prior to submitting an application, and a mortgage counseling certificate is required for applying to the Down Payment Assistance Program. The first-time buyer qualification will be waived for U.S. military veterans who have a certificate of release or discharge from active duty (DD-214) verifying honorable discharge.
Eligibility Criteria
- An applicant must be a first-time homebuyer, which 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 $40,000 and be able to obtain a mortgage from a qualified lender.
- Maximums are set according to 2023 HUD income guidelines.
- The maximum appraised value of an existing home cannot exceed $532,000. For a newly constructed home, the appraised value cannot exceed $555,000.
- The applicant must occupy the property as their principal residence for 10 years.
- The following kinds of housing are eligible: single family homes, condominiums, and cooperative apartments (co-ops).
Eligible areas include the Suffolk County Consortium, made up of the 5 eastern towns, Smithtown and Huntington, excluding certain villages. Islip, Babylon and Brookhaven have their own programs.
The 2023 Down Payment Assistance Program is still accepting applications through March 1, 2024.
