The New York City NSP2 Buyer Assistance Program supports neighborhoods as well as individual families. Our goal is to bring empty houses back to life through sustainable homeownership. Only properties in specific areas (see Selected Areas) are eligible. In addition, the type of structure, condition of the house and use of the property all must meet certain guidelines to be considered.
Below are some conditions the property must meet to qualify for the program. See your NSP2 counselor for more details on specific issues. Our Partners
- 1 to 4 unit homes and condominium apartments. A storefront with residential apartments above can qualify if buyer lives in the building and the total units are 4 or less. See Rental Unit Restrictions for more information on tenants.
- Habitable condition requiring less than $30,000 in repairs. An inspection is required to determine health and safety issues. A separate lead inspection may be required.
- Not designated as a historic or landmark building
- Single family and condominium short sales may qualify if they meet all other conditions. Multi-unit short sales are NOT eligible.
- No tenants displaced. The New York City Department of Housing, Preservation and Development will use due diligence to assure that the program has not influenced the building owner’s decision to evict an occupant or cause their displacement. Such properties will not be eligible for funding.
The property must be in Foreclosure or Vacant
Foreclosed: A home or residential property has been foreclosed if any of the following conditions apply:
- The property’s current delinquency status under the Mortgage Bankers of America delinquency calculation is at least 60 days delinquent and the owner has been notified of this delinquency;
- The property owner is 90 days or more delinquent on tax payments;
- Under state or local law, foreclosure proceedings have been initiated or completed
- Foreclosure proceedings have been completed and title has been transferred to an intermediary aggregator or servicer
Vacant: A property is considered vacant if it is a residential building that has been vacant for 90 or more consecutive days. If you identify vacant properties that have been recently occupied, HPD and NYMC will use due diligence to assure that the program has not influenced the vacant building owner’s decision to evict an occupant and cause their displacement in order to apply for this funding. Such properties will not be eligible for funding.
