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Income Requirements
CHI offers two different grant programs to Long Island homebuyers, which have different income requirements, as follows:
Long Island Home Ownership Program:
The Long Island Home Ownership Program offers grants to first time homebuyers for down payment assistance and rehabilitation costs. Grants typically average $25,000 per unit. To qualify for this grant program, the purchaser’s household income cannot exceed 112% of the HUD Low Income Limit*, adjusted for family size (see chart below).
Nassau/Suffolk Local Home Purchase Program:
CHI is not offering this grant in 2012 due to funding restrictions: The Nassau/Suffolk Local Home Purchase Program offers grants of up to $30,000 to first time homebuyers. Grant proceeds may be used for down payment and closing costs. To qualify, the purchaser’s household income cannot exceed 80% of the area median income (AMI), adjusted for family size (see chart below).
The two grant programs may be combined. In this case, the more restrictive income limitations prevail. Therefore, to combine programs, the purchaser’s household income may not exceed 80% of AMI, adjusted for family size.
ELIGIBILITY REQUIREMENTS & RESTRICTIONS
Nassau/Suffolk - 2012 - Maximum Gross Household Income Based on Family Size
Your household income may not exceed the following maximum amounts.
Family
Size |
1
PERSON
|
2
PERSON
|
3
PERSON
|
4
PERSON
|
5
PERSON
|
6
PERSON
|
| 112% of HUD Low Income Limit* |
$67,469
|
$77,056
|
$86,733
|
$96,320
|
$104,026
|
$111,731
|
| *Approximately 90% of Area Median Income as published by HUD. |
| 80% AMI |
$54,900 |
$62,750 |
$70,600 |
$78,400 |
$84,700 |
$90,950 |
- All families must occupy the home as a principal residence for ten years.
- Section 8 applicants must hold a Section 8 Home Ownership Voucher issued by their local Housing Authority.
- Section 8 Rental Assistance Vouchers are not eligible for this program.
- All families must submit proof of income and assets with recent pay stubs, last two years of tax returns and other documentation.
- You will be required to attend a FREE homebuyer orientation and homebuyer counseling
- Your application will be processed on a first-come, first-served basis. If you meet eligibility requirements, we will assist you in qualifying for a mortgage with participating lenders.
TO APPLY FOR HOME OWNERSHIP ASSISTANCE
 Please visit the FREQUENTLY ASKED QUESTIONS ABOUT BUYING A NEW HOME for a list of procedures and to download a free application for home buying assistance.
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