Naca program series#

ДЄmong other advancements, NACA research and development produced the NACA duct, a type of air intake used in modern automotive applications, the NACA cowling, and several series of NACA airfoils, which are still used in aircraft manufacturing.Дuring World War II, NACA was described as 'The Force Behind Our Air Supremacy' due to its key role in producing working superchargers for high altitude bombers, and for producing the laminar wing profiles for the North American P-51 Mustang. NACA is an initialism, i.e., pronounced as individual letters, rather than as a whole word (as was NASA during the early years after being established). On October 1, 1958, the agency was dissolved and its assets and personnel were transferred to the newly created National Aeronautics and Space Administration (NASA). вЂњWe help people to raise the bar in their life,вЂќ Emanuel-Roberts says.The National Advisory Committee for Aeronautics ( NACA) was a United States federal agency founded on March 3, 1915, to undertake, promote, and institutionalize aeronautical research. The companyвЂ™s aim is to make homeownership feasible for people who have traditionally considered it beyond their reach.

That means itвЂ™s not the program for you if youвЂ™re interested in real estate speculation, but that has never been NACAвЂ™s mission. In addition to these restrictions, NACA participants must live in their homes so long as they have a NACA mortgage (in other words, they donвЂ™t allow absentee-landlord situations).ДЄlso, NACA participants may not have ownership interests in any other pieces of property.

Currently the maximum price for a single-family home is $325,000. ThereвЂ™s still one catch, though a maximum purchase price that buyers must adhere to. While NACA is generally aimed at low- and middle-income buyers, there are no income limits for people looking to buy within the five boroughs, so anyone interested in owning a home in New York City is eligible to apply. The savings are extremely, extremely good.вЂќ вЂњThere was no down payment, there were no closing costs. вЂњMy interest rate is 1 percent below the market,вЂќ Leonard says. Now the proud new owner of a two-family home in Laurelton, Queens, she estimates that she saved close to $20,000 on her $345,000 house by purchasing it through NACA. вЂњIf you arenвЂ™t a patient person, it might not be for you.вЂќДЇor Leonard, though, the savings were worth the wait. The program is free, but it comes at a cost of patience.

As Leonard warns: вЂњYouвЂ™re not going to get a house tomorrow or in two weeks. They then meet with a NACA housing consultant who helps them to qualify financially for the program the consultant assesses applicantsвЂ™ credit, income and assets to determine what size mortgage they are eligible for.Дepending on how prepared participants are upon entering the program, the process вЂ“ from overview to purchase -can take anywhere from five months to two years. The process begins with a workshop at which attendees receive an overview of the home-buying process and NACAвЂ™s mortgage plans. ThatвЂ™s what the 10-step process is about.вЂќ (see sidebar) We make them ready to purchase and to maintain a home. We help to make them much more educated about having a mortgage, about owning and maintaining a home. Because NACA often deals with first-time homeowners and buyers with less than stellar credit, the organization insists that all participants follow the same 10-step path when buying their houses.ДЄs Dorensa Emanuel-Roberts, director of NACA New York City, puts it: вЂњWhen people come to us, they come with whatever knowledge about homeowning their background has provided them. The company views itself not merely as a mortgage broker, but as an educator of prospective buyers. There are plenty of financial advantages to buying a house through NACA, but if you want to use the program, you had better be prepared to wait. Program participants pay no down payment, no fees, no closing costs and receive a below-market interest rate on their mortgage. In the middle of all this, though, she heard from a friend about the Neighborhood Assistance Corporation of America, or NACA.ДЄ nonprofit housing services organization founded in 1988, NACA helps low- and moderate-income people around the country find and purchase homes. She contacted a mortgage broker, obtained pre-approval for a loan and began her house-hunting. WHEN Alicia Leonard, a manager at Morgan Stanley, decided to buy a house, she planned to go about it in the usual way.

Naca program