To permit more young families to apply for Nassau County's 1999 First Time HomeBuyers Program, Nassau County Executive Thomas S. Gulotta has extended the deadline for filing applications to Friday, July 16. Gulotta described the program as a meaningful way of providing home ownership to young families.

The first time homebuyers program provides eligible families with a grant and/or loan of up to $10,000 to assist them with the downpayment required for the purchase of their first home. The program is funded through federal funds, at no local taxpayer cost.

"We educate our sons and daughters at a cost of tens of thousands of dollars, and then, upon graduation, many are forced to move out of Nassau County because they cannot afford housing on Long Island," Gulotta said. "By enabling young couples to purchase homes, the first time homebuyers program keeps families together, permits us to benefit from the talents of our youth and affords our older Americans the opportunity to sell their homes in order to move to more suitable accommodations when they are widowed or their children are no longer living at home. Our sons and daughters should be able to realize their potential in Nassau County."

While many young couples starting a life together can afford monthly payments on a home, it is often difficult for them to save enough money to meet the initial down payment costs. The First Time Home Buyers program, administered by the Nassau County Office of Housing and Intergovernmental Affairs, utilizes federal funds to assist first time home buyers in meeting down payment costs through the following procedures:

* Nassau County's Office of Housing and Intergovernmental Affairs will provide up to 50 percent of the down payment costs, not to exceed $10,000. The eligible home buyer will be responsible for the remainder, as well as any closing costs and must obtain a mortgage through a certified lending institution.

* The program can be utilized for either pre-existing homes or newly constructed single family homes including condominiums and pre-fab homes.

* The maximum limit on the value of a single family home for this program is $190,000 pursuant to federal regulations.

* Eligibility includes maximum federal income guidelines for individual families.

"The goal of this program," said Gulotta, "is to give our sons and daughters who are starting out in life with limited incomes the opportunity to find affordable housing in Nassau County. With the county's assistance for the down payment, we will be permitting our children to remain in Nassau County and realize the same hope and opportunity which was afforded to us. We will benefit from their potential and from the talented workforce to which they contribute."

For information regarding this program, contact the Long Island Housing Partnership as agent for the Nassau County Office of Housing and Intergovernmental Affairs at 435-4710.