NSP Downpayment Assistance
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Neighborhood Stabilization Program (NSP) The Neighborhood Stabilization Program (NSP) Homebuyer Assistance Program is administered by the City of Covington’s Housing Development Department. The purpose of the program is to reduce the number of foreclosed properties and increase the number of homeowners in the City of Covington. Under this program, households which meet income, credit, and other requirements may obtain loans to assist with purchasing a home to live in as an owner occupant. The deferred payment, zero interest, forgivable loans can be used for downpayment and closing costs related to the purchase of an owner occupied home. The loan will be forgiven at the rate of 10% annually and completely forgiven if the owner occupies the home as their principal residence for 10 years from the date of purchase. Click Here for Program Guidelines |
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