On October 27th, 2011, the City of New Orleans announced that $52 million dollars was available in soft second mortgage assistance for low to moderate income families of 120% and below Area Median Income (AMI). Up to $65,000 in soft second mortgage assistance and up to $10,000 in closing cost assistance will be available to families with the greatest need.
Members of the Affordable Housing Committee along with NOMAR Board Members and Staff worked together to provide helpful feedback to the City of New Orleans regarding the guidelines of the Soft Second Program. Our random poll that went out to all members, sponsored by the National Association of REALTORS® helped us to gather quantifiable data in reference to the pros and cons of the last soft second program.
We appreciate your continuous feedback and encourage you to familiarize yourself with this program to better assist your clients. Details regarding this program are available below.