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Has Prince Georges County NSP program run out of money?

In the past day or so, I received numerous emails that the Prince Georges Neighborhood Stabilization Program (NSP) is set to close its doors in the spring 2010. Is this true?

Here are a few of the emails I received:

"We've been told that NSP is about to run out of money.
They've currently used 85% of the money allocated for the program, and should be "dry" by Spring 2010"

"Good morning. I received an email from the NSP yesterday. Please be aware that the NSP has set a deadline for applications for February 19th, 2010. Since we must have the appraisal and inspection reports prior to submission, it is imperative that you obtain and submit a ratified contract for your NSP buyers ASAP. Thank you,"

So are they planning to close its doors? What are your thoughts??

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Comment by BBT Real Estate Group on January 20, 2010 at 9:52am

Due to the unprecedented demand for down payment and closing costs assistance through the Prince George’s County Neighborhood Stabilization Program we are quickly depleting available funds. As a result, FRIDAY, FEBRUARY 19, 2010 will be the deadline for application intake. Funding will be awarded on a first come first completed basis, until all funds are depleted. Lenders, please make sure you have followed our lenders checklist when you submit your file. We will not make any accommodations for missing items. All incomplete files will be returned. Please note that funding has been earmarked for all applications submitted to NSP to date.

The entire NSP staff would like to thank each of our Lender and Realtor Partners for participating in such a beneficial program. Since the Program began 6 months ago, we have assisted more than 475 families with their down payment and closing cost in their quest to become homeowners. We are very proud of our accomplishments and are equally proud of the teamwork from our Lender and Realtor Partners.

If you have any questions please contact:

Rosalyn B. Clemens
NSP Project Manager


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