Nassau Helps First-Time Homebuyers Achieve the American Dream in Inwood
April 7, 2011 – (RealEstateRama) — Nassau County Executive Edward P. Mangano today joined the Long Island Housing Partnership (LIHP) in randomly selecting Nassau County families, who met income eligibility requirements, to buy affordable homes in the Inwood community. The forty-four hopefuls that submitted applications to be considered for the program are placed on the ranked lottery list. The deadline for applying was September 30.
“Today is a great day in Nassau County. By providing this opportunity to families throughout the County, we’re revitalizing the neighborhood, putting the property back on the tax rolls, and helping a resident achieve the dream of homeownership,” said County Executive Mangano.
Nassau Legislator Howard J. Kopel, who represents the Inwood area, joined Mangano and community’s participants in the housing lottery. “Making affordable housing available across Nassau County is fundamental to our long-term economic prosperity. Every generation of hard-working families and seniors deserves what so many of our parents and grandparents struggled to achieve, and what all parents want for their children: the security that only good homes in safe and stable neighborhoods can provide,” Kopel said.
The homes being offered through the Partnership for New Homes at Inwood, consist of 4 single-family detached townhomes and one two-family house. Eligible homebuyers must earn at or below 80% of the area median income, have had no ownership interests in the past three years and meet all other program guidelines. The guidelines include income eligibility, assets requirement, mortgage-ability and first-time homebuyer eligibility.
“We look forward to working with Nassau County Executive Ed Mangano on this development which will make the American Dream of homeownership a reality for five first time homebuyers,” said Long Island Housing Partnership President Peter Elkowitz.
Those families selected today have the opportunity to purchase either: one of four detached townhouses with 3-bedrooms and 1 ½ baths on Harris Avenue for $157,563; or a two-family home on Lawrence Avenue, with 3-bedrooms, 1 ½ baths and a 2-bedroom rental apartment for $213,022. The homes are to be built by Roosevelt Development Corp. and made affordable with grants from the Nassau County HOME program and the New York State Homes and Community Renewal grants through the Affordable Housing Corporation.
These homes were made available after garnering input from the local community, government and business leaders as well as area residents to ascertain the future of Inwood.
