TOWN OF ISLIP HOUSING DEVELOPMENT CORPORATION

TO ACQUIRE, CONSTRUCT AND PROVIDE AFFORDABLE RENTAL PROPERTY AND AFFORDABLE HOUSING INITIATIVES USED IN CONJUNCTION WITH VARIOUS PROGRAMS, SUCH AS THE SECTION 8 HOUSING CHOICE VOUCHER PROGRAM, AND TO ESTABLISH AND PROVIDE A PROGRAM FOR FIRST-TIME HOMEBUYERS WITH TEH TOWN OF ISLIP HOUSING AUTHORITY. THE PROGRAM WILL PROVIDE GRANT FUNDS TO FURTHER AFFORDABLE HOUSING FOR LOW-INCOME FAMILIES AND MAINTAIN LONG-TERM VIABILITY OF AFFORDABLE HOUSING PROPERTIES.TO DATE, THE ORGANIZATION HAS CONSTRUCTED IN BAY SHORE ONE NEW 2-FAMILY DWELLING, WHICH IS OCCUPIED BY TWO LOW-INCOME RENTAL FAMILIES AN DONE NEW 3-FAMILY DWELLING, WHICH IS OCCUPIED BY THREE LOW INCOME RENTAL FAMILIES. OUR TUDOR LANE FIRET-TIME HOMEBUYER PROGRAM (18 UNITS) WAS COMPLETED WITH THE SALE OF 18 AFFORDABLE 2-4 BEDROOM HOMES TO FEW FIRST TIME HOMEBUYERS. tHE PROPERTIES CONTINUE TO BE HELD BY THE BUYERS, AND THE ORGANIZATION HOLD EQUITY MORTGAGES WHERE THE FAMILIES ARE RELIEVED FO THER OBLIGATION TO REPAY IF THE PROPERTIES AE U