B abylon Supervisor Steve Bellone, in collaboration with the Long Island Housing Partnership, announced a one of a kind housing assistance program targeting Middle Income families. The program will provide a $15,000 down payment match for first time homebuyers who fall within the range of 81 percent-120 percent of Area Median Income."In these economic times, everyone needs assistance and help, but an underserved population that is normally not eligible for assistance is the middle income family," said Bellone. "President Obama and his administration are trying to address the housing crisis on a federal level but it takes all levels of government to assist with the current crisis. We created this program to assist middle income families with the down-payment needed to realize the American dream of homeownership."

Most HUD-funded programs provide housing assistance for low and moderate income families who have 80 percent or less of Area Median Income. A family of one would not be able to exceed $54,400 in income or a family of 4 would not be able to exceed $77,700. Under the Town of Babylon's new housing assistance program for middle income families, however, a family of one can make up to $81,550 and a family of four can make up to $116,500.

Theprogram will be offered Island-wide and requires you to purchase a home within the Town of Babylon. Applicants must be defined first-time homebuyers under HUD guidelines, occupy the purchased home as a primary residence, not be in contract to purchase a home prior to March 2, 2009, contribute $15,000 towards the down payment, and participate in Babylon's Green Homes Program

"We applaud the Supervisor and the Town for establishing an innovative Down Payment Assistance Program that will assist the middle income workforce households who would not otherwise be helped under the current program," said Peter Elkowitz, President of the Long Island Housing Partnership. "We applaud the Green Home component of the program as innovative in helping to save our environment and we look forward to working with the Town."

The program is being funded through the Town of Babylon's Affordable Housing Trust Fund. Housing developers within the Town of Babylon who do not provide the set aside of 20% affordable units must pay into the fund. TheTown will use $1,050,000 of the fund balance to implement the program. Seventy families will be able to benefit from the program and as these families refinance or sell their homes the $15,000 down payment will be paid back into the fund to assist new families in realizing homeownership.

"This program is a win-win situation," said Babylon Councilman Tony Martinez. "Middle class individuals and families get assistance to achieve the American dream, we help stimulate our economy, and it doesn't cost the taxpayer a dime. All situations should be like this."

Families and individuals desiring to participate in the program can log on to the Town of Babylon's website www.townofbabylon.com to access the application and program requirements or contact the Long Island Housing Partnership at 631 435-4710.