Nassau Program Can Give First-Time Home Buyers $25,000 In Grants

NASSAU COUNTY, NY — Nassau County is one again offering grants to first-time home buyers to help them secure houses for themselves and their families. The county was awarded $500,000 in federal HOME Investment Partnership Program funding, which it is using to fund the grant program.

Nassau County Executive Laura Curran announced the program on Thursday. Under a contract with the county, the Long Island Housing Partnership (LIHP) is currently accepting applications from first time home buyers for down payment/closing cost assistance towards the purchase of a principal residence.

Nassau County will provide eligible first-time home buyers with up to $25,000 towards down payments or closing costs for the purchase of an eligible new or existing single-family home, provided that the applicant puts a minimum down payment of at least $5,000. The applicant must also be able to secure a mortgage and satisfy the mortgage lender’s minimum down payment requirements. Homeowners are required to reside in the home for a minimum of 10 years or HUD will require a full repayment of the grant.

“This award is a wonderful opportunity for first-time home buyers in Nassau County to achieve the American Dream. Especially given the increased interest in buying in Nassau, this funding can really make a difference for first-time home buyers," Curran said. "I thank the Nassau County Office of Housing and Community Development and our partners at the Long Island Housing Partnership for working to ensure this funding came to fruition.”

The purpose of the Nassau County Employer Assisted Housing Program (EAHP) is to assist county employers with recruiting and retaining a skilled and qualified workforce while at the same time helping Nassau County workers to purchase homes near their jobs. County employers must register in the program with LIHP and pledge to assist current and/or future employees with a grant up to $10,000, depending on the employers, towards the purchase of a new or existing single-family home.

Nassau County EAHP funds are essentially a zero-interest deferred loan. Applicants below 80 percent of median income are eligible to receive up to $12,000 in HOME assistance, along with the employer grant which could be up to $10,000, depending on the employer.

Fourteen applicants were assisted in their home buying process under the same two programs last year. During the past 23 years, the county and the LIHP have worked together to assist more than 800 families to purchase their first home.

Prospective home buyers are able to seek out houses in areas that suit their individual needs which has the added bonus of helping to diversify communities.