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Neighborhood Stabilization Program Grants
The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized. NSP1, a term that references the NSP funds authorized under Division B, Title III of the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments on a formula basis.
Qualifications on the program:
· Family does not have to be 1st time homebuyer, however, cannot own another home or property
· Must be able to secure a 30 year fixed mortgage
· Must meet Debt to income ratio guidelines
· Accept a Deed restriction for up to 5 years
· Minimum of a $1500 investment from personal funds or 50% of the down payment required whichever ever is greater.
· Complete the 8 hour education class
· complete counseling sessions and work plan as required
· Occupy the property as your primary residence
Nature of Program
NSP is a component of the Community Development Block Grant (CDBG). The CDBG regulatory structure is the platform used to implement NSP and the HOME program provides a safe harbor for NSP affordability requirements.
NSP grantees develop their own programs and funding priorities. However, NSP grantees must use at least 25 percent of the funds appropriated for the purchase and redevelopment of abandoned or foreclosed homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50 percent of the area median income. In addition, all activities funded by NSP must benefit low- and moderate-income persons whose income does not exceed 120 percent of area median income. Activities may not qualify under NSP using the "prevent or eliminate slums and blight" or "address urgent community development needs" objectives.
For more information of guidance of the wonderful program, please contact one of our FHAlendinggroup.com reprehensive today.