Mangano Converts Foreclosures into Homes for First-Time Buyers
Westbury, NY - June 17, 2014 - In recognition of National Homeownership Month, Nassau County Executive Edward P. Mangano announced the conversion of six foreclosures into homes for first-time homebuyers through the use of Federal Neighborhood Stabilization Program (NSP) funds. The Mangano administration has assisted dozens of families in achieving the American Dream of homeownership through this program.
“By redeveloping these foreclosed properties we are able to offer homeownership opportunities for families who could not otherwise afford the purchase of a home,” said County Executive Mangano “My administration continues to improve local neighborhoods by transforming dilapidated properties into homes for families seeking to achieve the American Dream of homeownership.”
In the last 12 months, home sales include: 28 Arlington Street, Westbury, 29 Van Cott Ave, Hempstead, 898 Brush Hollow Road, Westbury, 32 Maple Ave, Hempstead, 146 Amherst Street, Hempstead, and 272 Brook Street, Westbury. Each one of these homes, were redeveloped through collaboration of the Nassau County Neighborhood Stabilization Program and private partners such as Habitat for Humanity and Hempstead Rebirth, to reclaim properties which were all previously foreclosed, and dilapidated, posing safety risks and blight, to the surrounding neighborhood. The homes were then completely rehabilitated and sold to qualified first time homebuyers through lottery at discounted prices in areas still recovering from the financial downturn in recent years.
The Federal Housing and Urban Development (HUD) program guidelines for the NSP program cite an eligibility income level of 120% of the area median income for interested homebuyers. Currently, a family of four can earn up to $129,000 and qualify for the program.