Financing a place to call home

The Town of Hempstead is expected to receive $200,000 in state money to help finance the construction of five homes in Inwood that are part of the town’s affordable housing lottery.

Those funds are part of the $14 million that Gov. Andrew Cuomo announced on June 17 would be awarded to communities and agencies throughout the state.
Hempstead’s lottery took place last October and the five winners have an opportunity to purchase one of the houses for a fraction of the market rate of similar homes in that community.

“Every New Yorker deserves a home that is safe and affordable, and today we are funding projects across the state that will help to make that a reality,” the governor said in a statement. “With this round of funding, we have invested more than $1 billion, moving the Empire State closer to our goal of ensuring that every New Yorker can find a place to call home. Our administration will continue to work alongside local governments and non-profit agencies to support affordable housing alternatives in every corner of the state.”

The money helps to pay the costs of home improvements, the rehabilitation of existing housing, and the new construction of homes for first-time homebuyers. Funding is provided through the Affordable Housing Corporation (AHC), which is part of New York State Homes and Community Renewal. The AHC supports homeownership opportunities for low- and moderate-income families by providing grants to municipalities and not-for-profit organizations.

Susan Trenkle-Pokalsky, a town spokeswoman said that the $200,000 allows Hempstead to sell the homes for the announced price of $172,000. “Funding is for homes that are already in the process of being built,” she said. “It is being split evenly among the five Inwood homes.”

The homes are 1,715-square feet and have three bedrooms, 1.5 baths, a dining room, kitchen, living room, laundry room, utility room and a one-car garage. Three of the homes are located on Walcott Avenue, one on Jeanette Avenue and one is on Monroe Street.

Supervisor Kate Murray said in a town-produced video that the prospective homebuyers are getting a good value at a discounted cost. “Comparative homes in this area are anywhere from $300,000 to $350, 000,” she said. “These homes will be built to FEMA (Federal Emergency Management Agency) flood standards to protect them from flooding.”

Inwood residents received first priority in the lottery, followed by Town of Hempstead residents, then residents of Nassau County and finally anyone remaining on the list maintained by the town’s Department of Planning and Economic Development.

Kimberly McHale and her family are one of the five Inwood house lottery winners. McHale expressed her gratitude in the town’s video. “I’m coming back to a town that I grew up in,” she said. “I wanted to raise my children here. To be able to buy an affordable house at this price is an unbelievable opportunity.”