What is NSP?
The Neighborhood Stabilization Program (NSP) was created to address the housing crisis, create jobs, and grow local economies by providing communities with the resources to purchase and rehabilitate vacant homes. The NSP grants that HUD has awarded are helping state and local governments, as well as non-profit developers acquire land and property; demolish or rehabilitate abandoned properties; and/or offer downpayment and closing cost assistance to low- to middle-income home buyers. Grantees can also stabilize neighborhoods by creating “land banks” to assemble, temporarily manage, and dispose of foreclosed homes. So far, over 63,000 homes are projected to be impacted by NSP1, including acquisition, demolition, home buyer assistance and new construction, and over 17,000 units have been completed. For NSP2, applications were submitted for over $15 billion worth of projects nationwide, with only $2 billion available for funding.
Call us TODAY to learn how to qualify for your piece of the NSP funds -- eligible home buyer's may qualify for up to $40,000 in down payment assistance.