The Application Period Ended October 15, 2012
In order to take advantage of our homebuyer program you must first:
1. Make sure you qualify.
2. Contact one of our approved nonprofit counseling agencies to work with throughout the homebuying process.
3. Find an eligible property or properties in Brooklyn, Queens, or Staten Island that you are interested in purchasing.
To make it easier, all of the information you need to cover these 3 steps is contained on this website. The more quickly you act, the better we can serve you.
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?
NSP2 is available for a limited time.
We will proceed with first ready, first served.
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 before you apply. You need to make time for the counseling and education requirements. 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.
If you are certain this program will work for you, please download an application.
Click on these items to find out more information:
- Income Limits: Carefully check this first to see if your household qualifies.
- 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.
- Qualified Properties: This program is designed to help neighborhoods, as well as families, by bringing empty houses back to life.
- Forgivable Loans: The amount of assistance you qualify for depends on what you need to purchase a safe and healthy home.
- Resale Restrictions: Here’s how the forgivable loan becomes a grant. Stability for both your family and the community is an important goal.
- Rental Unit Restrictions: Affordable rents foster stability for your tenants as well as for you. Here’s how it works.
- 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.
- 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.
Email: nsp2@nymc.org Phone: (347) 479-1433
$50 Application Fee. Funding is subject to availability. Additional restrictions may apply. Program terms and restrictions are subject to change.
