Neighborhood Housing Program & Housing Recovery Program-Developer
The Neighborhood Housing Program (NHP) and the Housing Recovery Program-Developer (HRP-D) are second deferred mortgage programs.
The URA provides 0 percent interest deferred second mortgages to eligible buyers to stimulate development of single-family, newly constructed or rehabilitated homes in targeted City of Pittsburgh neighborhoods. The newly constructed homes are then sold to qualified buyers through the Neighborhood Housing Program (NHP) and the rehabilitated homes are sold through the Housing Recovery Program —Developer (HRP-D). The loan does not have to be repaid until the owner sells or transfers the property (as long as the property is owner-occupied).
Second Deferred Financing
The NHP and HRP-D programs are used for homes for which the URA sponsored the construction or rehabilitation of the houses. The URA works with the developer of the homes to identify how much second mortgage funding will be available to income-eligible purchasers.
Down Payment/Closing Cost Assistance
Another great feature of this program is that the URA offers a grant to help with down payment and closing costs. Borrowers who earn 80 percent or less of the Area Median Income (AMI) can receive a Down Payment/Closing Cost Assistance Grant of $3,000.
How to Apply
For pre-identified homes, NHP and HRP-D loans are offered in conjunction with any conventional mortgage loan provided by private lending institutions. Please refer to the Steps in Obtaining a Second Mortgage in the Resources below.