http://lihp.org/help.aspx#homebuyer
The NYS Long Island Senate Majority Delegation allocated $25 million to assist Long Island businesses retain and recruit employees. Many large and small businesses, including hospitals and universities are actively promoting the program to their employees and both the employer and the employee will benefit. Over 25 Long Island employers are currently participating in the “HELP” Program. Since its inception in June of 2007, four employees have purchased and moved into their homes. These new homeowners will also receive up to $20,000 for rehabilitating and fixing items in the home that need to be repaired.
The mission of the HELP Long Island Program is to retain and recruit a skilled and motivated workforce on Long Island to ensure economic stability into the future. To advance this mission, the program provides employees of participating businesses financial assistance to purchase and rehabilitate a home on Long Island.
Quick Links
- Employer Assistance Housing Benefit Program
- Employer-Specific Program Customization
- Matching Funds of Employer
- How Do I know if I Qualify?
- Eligibility Criteria
- Eligible Homes
- Homebuyer Assistance
- Making the Dream of Homeownership a Reality on Long Island
Employer Assistance Housing Benefit Program
An employer with one or more non-related employees may provide qualified employees with housing assistance as part of their employee benefit plan.
Employer-Specific Program Customization
With the assistance of the Long Island Housing Partnership, Inc. (LIHP), employers are able to tailor the HELP Long Island Program to their specific employee recruitment and retention needs. For example, an employer may, subject to their legal and financial counsel’s advice:
- Require an employee to work for the company a certain number of years to be eligible for the benefit
- Allow only a certain number of employee participants a year
- Provide that the funds are a loan to be repaid by the employee
- Set other eligibility criteria within the guidelines.
Matching Funds of Employer
As part of the program, employers would provide an employee with a minimum contribution of $3,000 (for employers with fewer than 50 employees) or $5,000 (for employers with more than 50 employees), up top $10,000 per employee. The HELP Long Island Program matches the employer’s contribution 3 to 1.
How Do I know if I Qualify?
Individuals working for a company that offers an Employer Assistance Housing Benefit Program are eligible to receive funds through the HELP Long Island Program. Contact your human resources or employee benefits representative directly to find out if your company is a participant in an Employer Assisted Housing Program. If not, please have your employer contact the Housing Partnership.
Eligibility Criteria
| HUD Income Guidelines (for 2007) | |
|---|---|
| Family Size | Maximum Income* |
| 1 | $85,400 |
| 2 | $97,500 |
| 3 | $109,700 |
| 4 | $121,950 |
| 5 | $131,700 |
| 6 | $141,450 |
| 7 | $151,200 |
| 8+ | $160,950 |
A qualified employee must:
- Purchase a home in Long Island
- Have tax returns for last 3 years
- Not be in contract to purchase a home
- Have an annual income at or below 130% of the HUD median income guidelines based on family size (see chart to the right)
- Attend mortgage counseling
- Be able to secure a mortgage from a recognized lending institution
- Meet other program guidelines as defined by the HELP Long Island Advisory oversight Committee
Eligible Homes
Eligible housing for employees are homes to be occupied as a principal residence on Long Island and include:
- Single family residences
- Condominiums
- Cooperatives
- Manufactured homes
- Non-rental units
- Appraised value of home does not exceed median price of a home on Long Island (approximately 450,000)*
*Adjusted annually
Help Purchasing a Fixer Upper
Homebuyers will also be eligible to receive up to an additional $20,000 in funding to make any necessary eligible repairs if they are purchasing a pre-existing home.
Homebuyer Assistance
LIHP provides a variety of mortgage and homebuyer counseling and education programs at no charge. We assist homebuyers throughout the purchase process by:
- Determining the type and costs of repairs required, if any
- Helping select a licensed contractor, if necessary
- Determining affordability
- Educating homebuyers about other available affordable housing programs & grants
Making the Dream of Homeownership a Reality on Long Island
Since 1998 the mission of the Long Island Housing Partnership has been to provide affordable housing opportunities to those who, through the ordinary, unaided operation of the marketplace, would be unable to secure decent and safe homes.
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