The Neighborhood Stabilization Program (NSP) was established as a result of the Housing and Economic Recovery Act (HERA) of 2008. It’s purpose is to allow state and local governments to purchase and redevelop abandoned or foreclosed properties in areas in the greatest need of help.
The NSP program is designed to help low, moderate, and middle income families purchase REHABBED foreclosed homes and stimulate the economy. This is a middle income housing program that has an income limit for buyers at 120% of the Area Median Income. It is important to note that NSP is not just for first-time-home buyers- you can be a homeowner looking to move up or to downsize—but NSP does require that this be your primary residence (sorry, no investors). Continue reading “Down-payment funds available to qualified home-buyers under NSP Program“
