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.