Take advantage of the Neighborhood Stabilization Programs (NSP) that are available to owner occupants!
In most cases these homes have all new appliances, new paint, new roofs, new flooring, new electrical, new plumbing. Many of the areas offer buyer assistance programs and down payment assistance.
Neighborhood Stabilization Program Overview:
funding for local communities to utilize to address the issue of foreclosed and vacant housing stock in their
(NSP) and administered through the U.S. Department of Housing and Urban Development (HUD).
Income Requirements under the NSP:
A minimum of 25% of all NSP funding must be used to benefit households at or below 50% of the area median income, which for Adams and Arapahoe Counties is $35,900 for a family of four. The remainder of the NSP funds can be used to benefit those households at or below 120% of the area median income, which is $86,150 for a family of 4 (See exhibit A).
Properties that are acquired under the NSP program must also be sold or rented to income-eligible homebuyers at affordable prices or rent levels, which means that for renters, the total housing costs do not exceed 30% of the household’s monthly income, and for owners, the total housing costs do not exceed 35% of the household’s gross monthly income.
Under the NSP, the City of Aurora will have access to $4.47 million to undertake some targeted activities, which are
described in this Action Plan. In general, the City will undertake the following activities, to be funded in part
with NSP funding:
1. Acquisition, rehabilitation and resale of foreclosed or abandoned homes to income qualified homebuyers
as their primary residence;
2. Financial assistance to income qualified homebuyers who are purchasing a foreclosed or abandoned home;
3. Acquisition and rehabilitation of foreclosed multi-family rental properties to be retained in the community
as affordable workforce housing;
4. Acquisition of properties and demolition of existing structures that meet the definition of blight in the community.
These properties will be redeveloped in the future for use as permanent affordable housing for
renters or homeownership.
On July 30, 2008, the President signed into law the Housing and Economic Recovery Act, under which an
Call me today to find out if you qualify and learn what homes are in the NSP.
Tim O'Brien @ 720-515-4663
Click on the Mortgage link on the left side of the page
to see How much you can afford, with today's
interest rates it may be more than you think.