First-Time Homebuyers can benefit from two new programs in the Town of Huntington unveiled today. These two programs are funded by the Town’s Affordable Housing Trust Fund – using money that developers paid into the trust fund in return for obtaining increased density for their projects. (Most of the funding came from the developers of The Greens.) “Helping people, especially people just entering the workforce, find housing they can afford will help ensure the Town’s future by addressing one of the major factors cited as contributing to Long Island’s brain drain. I can think of no more important role government can play,” Supervisor Petrone said.
The two programs for First-Time Homebuyers to be implemented are:
The “American Dream” program, which will help first-time buyers realize the American dream of home ownership by providing 50 percent of their down payment, up to a maximum of $15,000. The town has earmarked $600,000 from the housing trust fund for this program, which is open to people making no more than 120 percent of the median income in the town. On a sliding scale, that works out to $85,600 for an individual or $122,200 for a family of four. The maximum purchase price of the house is $396,150.
The “Take Back the Blocks” program, which will make available to first-time buyers houses the town has purchased from absentee landlords and rehabilitated to include a primary residence and a legal accessory apartment. The projected income from the apartment will help buyers qualify for a mortgage and meet carrying costs. The Town has allocated $429,000 in housing trust fund money to help purchase properties on Columbia and Tower Streets, which will be converted to a total of 16 living units. Other funding for this program is coming from Suffolk County and from the State’s Restore NY Communities program. This program is open to people making 80 percent of the median income, or $57,000 for an individual and $81,450 for a family of four on the sliding scale.