This program provides deferred payment loans (zero percent interest) to qualified low and moderate income homeowners in the Town of Babylon. The purpose of the loan is to improve housing conditions and correct housing code violations by repairing and rehabilitating health and safety hazards (not expansion or redecorating). The appraised value of the home should not exceed $362,790.00 for Fiscal Year 2013.
The maximum loan is $50,000 (without lead) to correct substandard housing code violations. Payment of the loan is deferred until the property is sold, the title is transferred, or the home is refinanced for cash out. Monthly payments are not required. The loan is secured by a mortgage placed against the property.
Eligible Home Repairs / Improvements
Insulation and energy conservation
New heating systems
New windows and doors
Household income not to exceed HUD maximum income guidelines
Mortgage, taxes, and homeowners insurance paid up to date
Must have no more than one mortgage / lien existing on home.
Owner occupied (at least one year)
Town of Babylon resident with a valid deed
Babylon Town Down Payment Assistance Program
This program offers up to $20,000 for down payment and closing costs assistance towards the purchase of a single family home in the Town. Purchasers must be income eligible and be a first time homebuyer. LIHP administers this program and can be reached at 631-435-4710.
Town of Babylon Home Improvement Program
This program provides a deferred payment loan to income eligible homeowners to make repairs and improvements to their homes. Homes must be single family owner occupied and the principal residence of the household.
This programis administered by the CDC of LI and can be reached at (631) 471-1215 Ex. 222.