New County Programs Offer Relief For First-Time Homeowners

First time home buyers may qualify for a down payment grant of up to $14,000 through the Suffolk County HOME Consortium 2011 Down Payment Assistance Program, according to a press release by Suffolk County Legis. Lou D'Amaro.

Offered by the Suffolk County Office of Community Development, the program provides a contribution of $14,000 to be matched with a minimum purchaser’s contribution. 

The down payment is defined as the purchase price of the house and the dollar amount of the mortgage obtained.  The program does not fund closing costs.  

“Owning a home is the American Dream, and through these programs, more people will be able to afford to live that dream,” said Suffolk County Legis. Lou D’Amaro said.

To qualify applicants must:

• Be first-time homebuyers in Suffolk County.
• Have a total household income within the HUD guidelines.
• Have a minimum annual family income of at least $30,000.
• Occupy the property as a principal residence.
• Not have entered into a contract of sale prior to being awarded a purchaser certificate from the county Office of Community Development.
• Have a home with a maximum appraised value less than $362,790.  

The Suffolk County HOME Consortium does not cover the towns of Islip and Babylon and incorporated villages in Southold and Shelter Island.

Applications are accepted on a first-come, first-served basis through Sept. 15. for more information call (631) 853-5705.

First Time Homeowner County Property Tax Exemption 

Another plan, the First Time Homeowner County Property Tax Exemption, was approved June 21 by the Suffolk County Legislature approved to offer relief. 

The program extends the county’s income-based partial real property tax exemption to assessment rolls prepared on the basis of taxable status dates occurring on or after January 1, 2012. Without the passage of the resolution, the tax exemption would have expired at the end of 2011, according to D'Amaro.

 “I hope many local residents will be able to take advantage of these wonderful programs that are designed to help them experience the joys and rewards of home ownership,” Legislator D’Amaro said. 

For more information on the First Time Homeowner County Property Tax Exemption, call (631) 351-3226.