Suffolk executive announces opening of down payment assistance program
The program allows eligible first-time homeowners thousands toward a down payment on a single-family home in some area of the county.
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The American dream is now potentially closer to a reality for some Suffolk County residents.
County Executive Steve Bellone announced Thursday that the application for this year’s down payment assistance program is now open. This will allow income-eligible first-time homeowners up to $30,000 towards a down payment on a single-family home in select areas of Suffolk.
Some of the criteria to be eligible for this assistance include representing a low to moderate income with an annual income not exceeding 80% of the area median income.
Anyone who applies for this loan must occupy the property as their principal residence for 10 years, Bellone says.
“I’m enthusiastic, as I know my colleagues are about assisting many more individuals and families here in Suffolk County, to achieve the American dream,” Bellone says.
A real estate agent tells News 12 that many home buyers are getting outbid, even when using the down payment assistance program.
Affordable housing advocate Jake Iaccino says the program is a step in the correct direction despite the challenges.
“The push for accessible and affordable housing has been ongoing for a long while and quite frankly will not and home buyers’ assistance program is an important step in the right direction,” Iaccino says. “The prices are quite frankly, just unattainable, so it’s a very difficult marker to say the absolute least.”
For more information on the down payment assistance program, click here.
