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NSP1 Time is Running Out

NSP1 Time is Running Out. Obligation. Obligation. DHCD will have 100% of our NSP funds obligated by September 17, 2010. Acquisition Rehab Resale. Obligation- Acquisition. Contract = Obligation Funding Reservation Packages

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NSP1 Time is Running Out

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  1. NSP1 Time is Running Out Obligation

  2. Obligation • DHCD will have 100% of our NSP funds obligated by September 17, 2010. • Acquisition • Rehab • Resale

  3. Obligation- Acquisition Contract = Obligation • Funding Reservation Packages • Must be turned into DHCD within 24 hours of contract being accepted by lender • Ratified contract • Email from lender/listing agent- accepting offer • Print screen from HMBI

  4. Obligation- Rehab • Contract = Obligation • Rehab Obligation must be sent within 24hours of signing a contract with your rehab contractor. • Fax /Scan to your Rep • NSP Obligation Cover Sheet (included in your electronic package) • First Page of Rehab Contract

  5. Obligation- Homeowner • Contract = Obligation • The obligation for a homebuyer can be met under 2 scenarios • Sales Contract to purchase specific NSP home • Homebuyer wishing to purchase an NSP home

  6. Obligation- Homebuyer • Homebuyer Obligation must be sent within 24 hours of signing a sales contract with a borrower. • Fax/Scan to your Rep • NSP Obligation Cover Sheet (included in your electronic package) • First Page of Sales Contract

  7. Obligation-Homeowner • NSP Homebuyer can be obligated if all conditions below are met: • Pre-approval letter from lender • Homebuyers Education Class Certificate or signed commitment to attend • Certification from Grantee that family is below 120% AMI • Appendix 30 – Homebuyer Disclosure And Homebuyer Intent Letter • Please find the new updated disclosures in your electronic package

  8. Obligation Timeline • Obligation of Acquisition Monies need to be wrapped up by 7/31/10 • Obligations of Rehab Contracts need to be wrapped up by 8/10/10 • Obligations of Homeowners (minimum 1 homeowner per unit you have/or will acquire) should be ongoing and completed by 8/10/10

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