Foreclosed Freeport home resold to first-time homebuyer

FREEPORT - A rundown Freeport home has become the first foreclosed property in town to be resold as part of the community's effort to provide new housing opportunities to Long Islanders.

After years of renting apartments, Ivan Leiva qualified for a home-ownership program through the Community Development Corporation (CDC) of Long Island, a not-for-profit organization that buys foreclosed homes, renovates them and sells them to first-time homebuyers at a reduced cost.

Leiva bought the house for $280,000, but thanks to additional grant money, his mortgage is less than $100,000.

The CDC gets the money to buy and repair the homes from the federal and state governments. The group says it's working with Nassau County to identify dilapidated homes and stabilize communities.

"This program takes those homes, rehabs them, fixes them up and finds a family that wishes to move into them," says County Executive Ed Mangano (R-Nassau).

People interested in buying a foreclosed home must fit a certain income requirement, pass a credit check and go through an eight-hour home-ownership education course.Community Development Corporation of Long Island

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