(09/20/06) HEMPSTEAD - In a bid to stop the Long Island "brain drain," Nassau and Suffolk's state senators unveiled a plan Wednesday that will provide assistance to young aspiring homeowners.

H.E.L.P., the Homeownership and Economic Stabilization for Long Island Program, aims to make homeownership more affordable. Senators who created the $25 million H.E.L.P. program say that if homeownership seems unattainable to Long Island?s youth, they will take their skills elsewhere. According to a Long Island Index survey, approximately 70 percent of 18 to 34 year olds plan to leave the island within the next five years. Senator Dean Skelos (R-Rockville Centre) says if the island does not attract the next generation of workers the economy will falter.

H.E.L.P. will offer three-to-one down payment matching grants for state employees. It will also provide up to $40,000 in down payment assistance with the possibility of receiving up to $20,000 more for renovations deemed necessary. Qualifying singles can earn up to $82,800 in annual income, while the ceiling will be $118,300 annually for families of four. The program begins on January 1, 2007, and will be administered by the Long Island Housing Partnership.