NSP - Neighborhood Stabilization Program - Prince George's County Maryland

Comment

Comment by Brian Turner on October 8, 2009 at 2:02pm

These two sites below have a lot of information on both topics.


http://www.princegeorgescountymd.gov/DREAM/ - Prince Georges County – NSP Down Payment & Closing Cost Assistance Program.

http://www.federalhousingtaxcredit.com/2009/faq.php - Good FAQ section for tax credit questions.

Comment by BBT Real Estate Group on June 26, 2009 at 8:51am

Here is more information:


The Neighborhood Stabilization Program (NSP) is a grant program established under Title III of Division B of the Housing and Economic recovery Act of 2008 (HERA). HUD has appropriated $3.92 billion of NSP to state and units of local governments for emergency assistance for the redevelopment of abandoned and foreclosed home.



Prince George's County has received an allocation of $10.8 million dollars for the NSP.



How can NSP Funds be used?



NSP Funds can be used to establish financing mechanisms for purchase and redevelopment of foreclosed homes, for low, moderate and income homebuyers (area median income). They can also be used for and of homes and residential properties that have been abandoned or upon, in order to sell, rent or redevelop.



Best use of NSP Funds



The best use of NSP Funds is to focus on REOs (Bank owned Foreclosures) in areas that were hit the hardest, as a result of foreclosure. Non-profit organizations, such as Omega Gold Development Group, would use the funds to help established "Workforce" Housing. Priority would be given to professions including teachers, firefighters, police, correctional officers and nurses.



Uses of NSP Funds issue by Prince George's County ($7,529,432 for Down Payment and Closing Cost Assistance)



This component of the NSP will provide down payment and closing cost assistance for purchases of REOs anywhere in Prince George's County. Down payment and closing cost assistance will be higher for REO purchased in target areas or purchased for Workforce Housing.



Basic Eligibility:

REO purchases only
Income must not exceed 120% of area median adjusted income for family size (see next page for AMI)
Purchaser must contribute minimum cash per the purchaser income range
Seller must pay a minimum 6% of the sales price towards closing costs
Home must be primary residence
Subprime mortgages are not allowed
Purchaser must complete (8) hours of HUD approved housing counseling and financial literacy training courses
Down payment and closing cost limits for target areas and WORKFORCE Housing (for targeted areas, contact Omega Gold Development Group).

7% of purchase price, not to exceed $20,000
Down payment and closing cost limits for non target areas and non WORKFORCE Housing (for targeted areas, contact Omega Gold Development Group).

3.5% not to exceed $15,000

Comment by Brian Turner on June 26, 2009 at 8:48am

Check out the .pdf file on the program:

http://www.co.pg.md.us/Government/AgencyIndex/HCD/PDF/Final%20NSP%20Substantial%20Amendment.pdf

Comment by NowUKnow, Inc. on June 26, 2009 at 8:45am

Here is the information for the program:


DOWN PAYMENT ON YOUR DREAM
Neighborhood Stabilization Program (NSP)

Now is an exciting time to buy a home in Prince George's County. Today, first time home buyers can take advantage of the county's Down Payment on Your Dream Program, in which buyers can receive down payment and closing costs assistance when purchasing a vacant foreclosed property in Prince George's County. This website outlines specific guidelines for the homebuyer, realtors and lenders as well as the necessary steps families must take in order to qualify.

I know that the economic times we are in are tough. However, history has thought us that tough times don't last forever. As a result of our county's progress over the last seven years, we are well positioned to address the challenges we face. That's why the Prince George's County Government is administering this program.

Prince George's County has always been a great place to experience the American dream of homeownership. We are committed to helping Prince George's families realize this dream.

Jack B. Johnson
Prince George's County Executive


WHAT'S THE PROGRAM ABOUT
• Down payment and Closing Costs Assistance to purchase a vacant foreclosed home.
• First time home buyers only or cannot have owned a home anywhere during the previous three years.

WHO CAN PARTICIPATE?
• Anyone with household income at or below 120% of the area median purchasing a vacant and foreclosed property in an eligible zip code.
• Any realtor that is licensed by the state to do business in Maryland.
• Approved participating lenders.


Source: http://www.princegeorgescountymd.gov/DREAM/