There are many possible sources of down payment assistance for first time homebuyers. These include:
Employee Assisted Housing Program: Suffolk County operates this program which provides down payment assistance to employees of participating businesses. The purpose of the program is to assist businesses to attract and retain quality employees. The amount of assistance will vary depending on the employee's income, financing, total down payment, employer contribution and other matters. For more information clickhere . Suffolk County provides grants to income eligible first time homebuyers through its down payment assistance program. You must apply for this program. Awards are made on a first-come, first-served basis. For more information, please click here. Some towns operate their own down payment assistance programs. For further information contact the Town of Babylon and the Town of Islip.
First Home Club - The Federal Home Loan Bank operates a program through local banks and non-profit housing organizations that will match a homebuyer's funds three-to-one up to a maximum of $5,000. The program has several requirements including that you must save at least $1,700 to receive the maximum grant of $5,000 and you must enroll in this program for a minimum of 10 months or a maximum of 30 months. This program can be used in conjunction with other grant programs.
Real Property Tax Exemptions
Two possible sources of tax exemptions for Suffolk County homeowners are available:
First Time Buyers of New Properties
Through legislation enacted by the State of New York, first time homebuyers of new homes built in Suffolk County are eligible for certain exemptions of their property taxes. The extent of the exemption varies with the tax levying authorities which typically include the county, your local town, school district, and various local entities such as libraries, fire districts, etc. Each taxing authority must take action to permit this exemption for its portion of your real estate tax bill. Suffolk County has approved such action for its portion, as have some of the towns.
Legislation is being introduced to extend this exemption for the purchase of existing homes.
To download a copy of the form and filing instructions:
STAR is the State’s School Tax Relief Program that provides a partial exemption from school property taxes. All New Yorkers who own and live in their one-, two-, or three-family home, condominium, cooperative apartment, manufactured home, or farm dwelling are eligible for a STAR exemption on their primary residence. For more information, click here.