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Riverhead staff outline $280,500 county down-payment aid for first-time buyers
Summary
At a July 16 work session, a town presenter said Riverhead will reserve $280,500 for Suffolk County own-payment assistance to help up to 10 first-time buyers (about $28,050 each); county funds can add up to $50,000 per household and the purchase-price cap was raised to $646,000.
At a July 16 Town of Riverhead work session, a town presenter summarized a Suffolk County down-payment assistance program that the town expects to open this summer and for which Riverhead has reserved $280,500.
The presenter said the town plans to support up to 10 applicants tied to purchases in Riverhead, which computes to roughly $28,050 per household if awards are split evenly from the town allocation. The presenter added that the county program itself can provide up to $50,000 per household and that county criteria and vetting will determine final award amounts.
"We have $280,500, and we're looking to fund up to 10 applicants," the presenter said, explaining the county will vet applications and the town will approve Riverhead-specific checks. She said county limits apply to household income and purchase price and noted the county recently raised the allowable purchase price to $646,000, which expands eligible listings in the area.
Council members asked for clarification on what costs the town funds cover; the presenter said the town funds can be applied to down payment or closing costs and that exact coverage is determined within program thresholds and by county vetting. The presenter asked residents to apply via the Suffolk County down-payment assistance website and offered local contacts for help completing applications, providing a local phone extension listed in the meeting packet.
Why it matters: the program is intended to increase access to homeownership for first-time buyers seeking properties in Riverhead by combining town-set awards with county assistance and by expanding the purchase-price limit.
The town did not adopt final award rules during the work session; staff said program details and application guidance will be made available when the county opens its application portal.
