NSP FAQ
Q

Does the 1% purchase price discount apply if there are multiple sources of funds?

Date Published: October 2012

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A

The statutory requirement under Title III of the Housing and Economic Recovery Act of 2008 (HERA) requires that any foreclosed upon home or residential property purchased in whole or in part with NSP funds must be purchased at a discount. The discount must be at least one percent below the current market appraised value of the home or property. This requirement applies regardless of the other sources of the money in the project.


Tags: NSP Program Requirements - Purchase Discount

FAQ ID:

1029