Long Island - Grants for First-Time Homebuyers
 Grant Opportunities on Long Island
Under contract with the New York State Affordable Housing Corporation, CHI is administering over $ 500,000 in subsidy to First Time Homebuyers. Under this program, first-time homebuyers purchasing property in Suffolk and Nassau Counties can qualify to receive a standard of $25,000 in program funds for acquisition and renovation of an identified property. The gross household income must be at or below 100% of Area Median Income for the area in which you wish to purchase Maximum Gross Household Income Requirements. The assistance is in the form of a deferred loan that has recapture provisions. The owner must occupy the property for 10 years to avoid having to pay back any or all of the assistance. A minimum of 51% of the $25,000 must be used for renovation of the property, this means $12,750 or more in repairs. “Repairs” are defined as those which will prolong the useful life of a home or shall correct structural defects or the repair of basic building systems which threaten the health and safety of the dwelling’s residents if not corrected or repaired. 21B NYCRR 2163.2 (h)(3)(iii). There are mortgage and down payment restrictions applicable to each county these amounts exclude subsidies.
ELIGIBILITY REQUIREMENTS & RESTRICTIONS
Your household income must meet the following income requirements.
Nassau/Suffolk
|
1
PERSON
|
2
PERSON
|
3
PERSON
|
4
PERSON
|
5
PERSON
|
6
PERSON
|
|
$72,600
|
$82,900
|
$93,300
|
$103,600
|
$111,900
|
$120,200
|
PURCHASE PRICE LIMITS
After “all / any” applicable or additional subsidies, Recipient Down Payment and Mortgage must not exceed the figures listed below for the purchase of a single-family home, cooperative and condominium.
- Suffolk County Purchase Price limits:
$729,750 for Single Family and $934,200 for 2 Unit Multi Family
- Nassau County Purchase Price limits:
$729,750 for Single Family and $934,200 for 2 Unit Multi Family
The purchase of two family homes is encouraged and has the added benefit of higher purchase price limits and eligibility for additional grant funds.
- You must agree to occupy the home as a principal residence.
- You will be required to submit proof of income with recent pay stubs and last two years tax returns and W-2 Forms.
- You will be required to attend a FREE homebuyer seminar and homebuyer counseling.
- Your application will be processed on a first-come, first-served basis. If you meet eligibility requirements, we will assist you in qualifying for a mortgage with participating lenders.
TO APPLY FOR HOME OWNERSHIP ASSISTANCE
 Please visit the FREQUENTLY ASKED QUESTIONS ABOUT BUYING A NEW HOME for a list of procedures and to download a free application for home buying assistance.
|
