Neighborhood Stabilization Program - Montgomery County, Maryland

We received an email from a client asking about NCI funding for individual purchases.  Montgomery County does not have a program for individual purchasers.

http://www.montgomerycountymd.gov/dhctmpl.asp?url=/content/dhca/community/Grants_Admin_Spec_Projects.asp#Neighborhood

In 2009, the Federal Government awarded Neighborhood Stabilization Program (NSP) funds nationally to states and local governments to address the national housing foreclosure problem.

Montgomery County received $2,073,965 of NSP funds as a direct allocation.  The State of Maryland also received a direct allocation of NSP funds from the federal government and established the "Neighborhood Conservation Initiative Program (NCI) and made a portion of these monies available to participants through a competitive process.  Montgomery County received $2,500,000 of these NSP funds through the state's NCI program.

Montgomery County will use its current total of approximately $4.5 million NSP monies to provide funding to the Housing Opportunities Commission (HOC), to our local public housing authority, for HOC to purchase and rehabilitate 15 to 20 foreclosed houses for lease to low-income county residents.  The majority of the people to be housed will have household incomes at or below 50% of the Area Median Income (AMI) and with emphasis on homes that will accommodate larger families, for whom the current affordable housing shortage is most acute.  HOC will rehabilitate these homes as necessary to make them as low-maintenance and energy efficient as possible.

Although currently Montgomery County does not have an NSP-funded Homeowner Purchase Program for individual purchasers, it is possible that if additional NSP funds were to be awarded, such a program may be established.

For further information, please contact Stevens Brown at 240-777-3685 or via email at stevens.brown@montgomerycountymd.gov.

We represent home buyer clients as their exclusive agents in the Maryland suburbs of Washington DC and nearby counties.

We represent home buyers and sellers as their exclusive agents in the Maryland suburbs of Washington DC. 

Roy Kelley
Roy Kelley & Associates
Associate Broker, RE/MAX Realty Group 

Client Assistance:  301-670-8996   

Recipient of the RE/MAX International Lifetime Achievement Award - 2008

 

2 Comments on Neighborhood Stabilization Program - Montgomery County, Maryland

SEP
21
2009
1,949,322 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Thanks Ray.  Perhaps this will stop consumers from contacting me looking for a program to help them buy a home in Montgomery County. 

I keep telling them that Montgomery County is not like the other counties around with DPA programs. 

They don't believe me.  I just send them to HOC.

 
12:36pm • #1
1,442,050 Points 26 Featured Posts Outside Blog Called Shot Master

Hi Lenn, Thanks for your comment. You are correct. The Housing Opportunities Commission (HOC) has excellent programs to assist first time home buyers in Montgomery County, Maryland. We are always happy to refer prospective buyers to loan officers that participate in the HOC program.
12:57pm • #2

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Roy Kelley, Montgomery County, MD Homes For Sale

Gaithersburg, MD

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Roy Kelley and RE/MAX Realty Group

Address: Roy Kelley, RE/MAX Realty Group, 6 Montgomery Village Avenue, Suite 200, Gaithersburg, MD, 20879

Office Phone: (301) 921-4569

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Roy Kelley advises home buyers, sellers and REO asset managers, in the Maryland suburbs of Washington DC and nearby counties. REO and foreclosures sales. Market area includes Montgomery County, Frederick County, Washington County and Prince George's County. Real Estate blogs


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