City, Town & Village Governments
New York State Government
U.S. Government

left
Home
About Us
News
Events
Reports Forms & Notices
Training
FAQs
Contact us
right
Breadcrumb Start you are here >Home/ Neighborhood Stabilization Program/ FAQs

FAQ

How do I become an NSP Program Partner?
The first rounds of NSP allocations have been disbursed. However, all revenue generated from NSP funds are considered to be program income and may be reallocated to new program partners.  The County has until July 30, 2013 to spend any program income generated by NSP activities. Please check our website frequently for funding opportunities.

Does the County find the foreclosed homes for NSP Program Partners?
OCD works closely with all Program Partners to assist in identifying eligible foreclosed and abandoned homes. Additionally, OCD has been working diligently with the National Community Stabilization Trust to identify REO properties before these homes are made available to the public.

I am a property owner interested in using my land to participate in the NSP Program.  What should I do?
Please contact Nassau County’s Office of Community Development to explore your options as a property owner.  A County representative will guide you through the necessary steps to see if the property in question can qualify to be a part of the Program.

Homebuyer Questions
What is the benefit of going through the NSP program?
a. Newly renovated homes that are delivered in “move-in ready” condition.
b. A soft second mortgage that is a deferred payment loan with no interest and no payments unless you resell the unit within the soft second mortgage note period. The period will typically be from 15 years depending on how much subsidy you receive.
c. Not just for first-time homebuyers.

Where are the houses located in the NSP Program?
Priority will be given to residential properties in neighborhoods with the highest number of foreclosed homes.  Foreclosed homes within the highest risk assessment as identified by HUD (risk score 8 or greater) throughout Nassau County should be targeted. Target areas may be located in the following communities: Elmont, Freeport, Hempstead, Uniondale, East Garden City, Lakeview, Roosevelt and South Floral Park. This does not preclude homes in lesser-impacted areas from being eligible, however HUD approval will be required before any funds may be expended. 

I'm thinking about applying as a Homebuyer to the NSP Program, but I don't really know if it's a good idea for me. Who can I talk to?
You should contact a HUD-approved Housing Counseling Agency, who will help advise you as to whether or not purchasing a home is right for you.  You should contact the Nassau County Homeownership Center, or one of the three Program Partners who provide counseling:
Long Island Housing Partnership, Community Development Corporation of Long Island, Community Housing Innovations.  Please contact them for further assistance.

 

Nasasu County Homeownership Center (http://www.nassaucountyny.gov/agencies/Section8/index.html )

Long Island Housing Partnership (http://www.lihp.org/ )

Community Development Corporation of Long Island (http://www.cdcli.org/ )

Community Housing Innovations (http://www.chigrants.org/ )

HUD FAQ (www.hud.gov/faqs/faqbuying.cfm ).