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Provides First-time Homebuyers with “American Dream” of Homeownership
MINEOLA, NY – September 14, 2009 – (RealEstateRama) — Nassau County Executive Thomas R. Suozzi today hosted Nassau’s first Neighborhood Stabilization Program lottery for first-time homebuyers to purchase foreclosed properties in Nassau County. The Neighborhood Stabilization Program seeks to revitalize communities that have been negatively impacted by foreclosures. The Long Island Housing Partnership, Inc. (LIHP) conducted the lottery proceedings, and worked with Nassau County to determine which potential homebuyers met eligibility requirements.
“Nassau County has had more than 6,000 foreclosure filings, and communities all over the county are affected more and more every day by this crisis. Foreclosures not only hurt the people who lose their homes, but they also bring down the values of other homes. We all take a hit when there is a foreclosure in our neighborhood,” said County Executive Suozzi. “The Neighborhood Stabilization Program funding provides relief to communities that were hardest hit by the foreclosures, and gives first-time homebuyers the opportunity to get into a home of their own. Everyone wants a piece of the American Dream, and this lottery makes home ownership a reality for people who may not have thought it was possible”
To date, Nassau County has purchased or is in contract to purchase 15 foreclosed homes. All homes remain affordable, with price ranges between $195,000 – $290,000. Most properties are single-family three-bedroom homes.
Earlier this year, Suozzi announced that Nassau County entered into an agreement with Fannie Mae – the first of its kind in the country – to purchase six foreclosed properties from Fannie Mae, demonstrating how the public sector and lending institutions can work together to assist at-risk neighborhoods. The County will use $10 million of its federal- and state-funded Neighborhood Stabilization Program grants to finance the costs of further property acquisition and renovation. Nassau County’s goal is to rehabilitate 100 homes.
Suozzi urges any first-time homebuyer who is interested and is not yet in the lottery to call the Nassau County Homeownership Center at 516.571.HOME or the LIHP at 631.435.4710 for an application. Applicants will be placed on a first-come-first-serve waiting list for future available properties.
- Foreclosed Properties Drag Down Home Values on Their Block and Across Entire Communities
WASHINGTON, DC – October 3, 2008 – (RealEstateRama) — As our national economy is in grave turmoil and families continue to lose their homes to foreclosure, U.S. Senator Charles E. Schumer announced over $102 million for housing stabilization. The Neighborhood Stabilization Program provides state and local governments with funding to respond to rising foreclosures and declining property values. [...]...
- New York State Issues Plan to Distribute $54.5 in Federal Funds to Buy and Renovate Foreclosed Properties
NEW YORK, NY - November 7, 2008 – (RealEstateRama) – New York State today issued for public comment its draft plan for distributing $54.5 million in Federal Neighborhood Stabilization Program (NSP) funds that were allocated to the State to buy, renovate and resell foreclosed homes. The funds, approved as part of the Housing and Economic Recovery Act [...]...
- NYS Housing Finance Agency Issues “Request for Proposals” for $64.5 Million in Grants to Rehab Foreclosed and Abandoned Homes
NEW YORK – December 17, 2008 – (RealEstateRama) – The New York State Housing Finance Agency (HFA) today issued a Request for Proposals to enable local governments, nonprofits and other providers to apply for $64.5 million in State and Federal funds to buy, renovate and then resell or rent foreclosed and abandoned properties. The funds, [...]...
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Mineola, NY - May 11, 2009 - (RealEstateRama) — Nassau County Executive Tom Suozzi has signed into law new smart-growth requirements for subdivision developments in the County....
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