Southampton Town Hosts Lottery For First-Time Homebuyers

55 people are in the drawing for 11 homes.

On Thursday, some 11 people are expected to become new homeowners through Southampton Town's first-ever housing lottery for first-time home buyers.

According to Richard Blowes, the executive director and secretary of the Southampton Town Housing Authority, 55 people are in the lottery for the brand-new, three-bedroom homes, on Suffolk County land. 

The homes, which are estimated to be sold for $150,000, are new, Energy Star homes, and are being sold as part of a cooperative effort with the Long Island Housing Authority, Blowes said.

Two of the homes are located in Noyac; two are sited in East Quogue, and the remaining seven are in the Riverside/Flanders area.

All of the individuals in the lottery, were required to meet certain criteria in order to qualify, including income restrictions, ability to obtain a mortgage, and preferably, applicants must live or work within Southampton Town, Blowes said.

The homes will also remain affordable in perpetuity, with a clause in the mortgage agreement that only allows the owners of the home to re-sell them at a rate determined by the town's annual affordable median income level, he said. The new owners will also be required to stay in the home for a period of time that has yet to be determined.

The lottery will take place at 7 p.m. Thursday at the on Ponquogue Avenue in Hampton Bays.

Ralebird September 12, 2012 at 04:55 AM
A lottery is not an auction.
Richard Warden January 31, 2013 at 03:36 AM
"The homes, which are estimated to be sold for $150,000" - Not bad!
In Your Corner March 13, 2013 at 07:45 PM
Where and when was in advertised that the lottery was going to be created and how and when was it advertised on how to enter the lottery ?


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