NSP2 Buyer Assistance Program

A new opportunity for sustainable homeownership

The NSP2 Buyer Assistance Program helps new homebuyers purchase 1 to 4 family homes and condominiums in selected areas of Brooklyn, Queens, and Staten Island.  Forgivable no interest loans of up to $80,000 will reduce the purchase price for Bank Owned, Short Sales or Vacant qualified properties.  Families with household incomes within certain limits can qualify for this program. Our partners will provide the required homeownership education and counseling; they will help you build your home purchase team, secure a prequalification and find a sustainable mortgage. Owner occupancy is required and resale restrictions apply. Homes with 2 to 4 units have rental unit restrictions that will keep the apartments affordable to other working families.

What are the benefits?

• Purchase a qualified home at a below-market price
• Receive up to $80,000 to reduce the loan principle
• Access to selected homes before they go to the open market
• Education, counseling and other help from our homeownership counseling partners
• Access to lenders for purchase and renovation financing you can afford.

What is the process?

Before you apply, you need to be sure this program is for you. Among other requirements, there is a $50 non-refundable application fee. You can explore some questions here. If you want more information, you can schedule a meeting with a counselor at one of our partner organizations. They may have other programs that will work for you, too. Otherwise, if you are certain this program will work for you, please download an application.

Click on these items to find out more information:

1. Income Limits: Carefully check this first to see if your household qualifies.
2. Selected Areas: View maps of the neighborhoods or check if a specific property is eligible or to see if you are interested in buying a home in the NSP2 target areas.
3. Qualified Properties: This program is designed to help neighborhoods, as well as families, by bringing empty houses back to life.
4. Forgivable Loans: The amount of assistance you qualify for depends on what you need to purchase a safe and healthy home.
5. Resale Restrictions: Here’s how the forgivable loan becomes a grant. Stability for both your family and the community is an important goal.
6. Rental Unit Restrictions: Affordable rents foster stability for your tenants as well as for you. Here’s how it works.
7. Our Partners: You choose a counselor from one of ten of our community partners for the required education and guidance. They will help you obtain a sustainable mortgage.
8. Our NSP2 Lenders: Our community partners work closely with specific lenders and loan officers who understand the NSP2 program and have the mortgage products suitable to your needs.

If you’re ready to start, you can download an application.

Please mail completed application and money order via USPS to the following address. Do NOT send via FEDEX, UPS or other express courier services.

The New York City NSP2 Buyer Assistance Program PO Box 3404 New York, NY 10008-3404 Email: nsp2@nymc.org Phone: (347) 479-1433