Citizens Bank Joins Long Island Housing Partnership’s Employer Assisted Housing Program
February 15, 2011
(Long Island) – Long Island Housing Partnership, Inc. announced today Citizens Bank’s participation in the Partnership’s Employer Assisted Housing Program (EAH). Depending on your income, the EAH provides a benefit to employees of participating employers from $35,000 to as much as $76,000 for down payments and rehabilitation on the purchase of a home in Nassau and Suffolk counties. If a Citizens Bank employee qualifies, the Partnership matches Citizens Bank’s maximum benefit of $8,000 three times for every dollar up to $24,000.
Purchases include principal residence which are single family dwellings including condominiums, co-operatives and manufactured homes.
Long Island Housing Partnership President Peter Elkowitz praised Citizens Bank for its commitment to Long Island and welcomed them as the newest of local EAH participating employers, which include businesses, large and small, including many Long Island hospitals and educational institutions. “I am extremely grateful to Citizens Bank for helping to make homeownership in the Long Island market attractive and affordable,” he said. “Your employees can fulfill their homeownership dreams, you can stabilize your workforce, and our tax base grows. This is truly a win-win-win,” Elkowitz said.
The EAH was rolled out by the Partnership in 2000 as a way to stabilize Long Island neighborhoods by increasing homeownership opportunities. To date, over 400 individuals and families have taken advantage of the benefit. Among other requirements, homebuyers receiving a grant for single family homes in Nassau and Suffolk counties must not already own property in the market, promise to live in the home for five years, and use $3,000 of their own funds.
“Citizens Bank is proud to partner with the Long Island Housing Partnership to help provide assistance to our employees through the Partnership’s housing initiative,” said James Gaspo, president, Citizens Bank New York. “At Citizens Bank, we believe that good banking is good citizenship, and by participating in this program, we are demonstrating our commitment to the community in a new and innovative way.”
The mission of the Long Island Housing Partnership is to provide increased housing opportunities throughout Long Island for those working families unable to afford decent and safe homes. We accomplish this mission through programs, leadership and public advocacy.
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