NSP Neighborhood Stabilization Program

The Neighborhood Stabilization Program (NSP)  provides grants to all states and selected local governments to assist in stabilizing communities most affected by foreclosures and vacancies.  It is a federal block grant from HUD run through the Community Development Block Grant Program.

Minimum discount of 1% from appraisal of contract price, resale agreement within affordability period
Property must be Foreclosed or Vacant
You do NOT have to be a 1st time home buyer
To be used for 1/2 of required down payment, closing costs, and prepaids, possibly rehab
Single Family only
Forgivable period determined by amount of assistance. If sold, refinanced or no longer is primary residence during affordability period the loan has to be repaid at a prorated amount. 5 year affordability period loans less than $15,000, 10 year affordability period for loans $15,000-$40,000 and 15 year affordability period for $40,000 or more

Hennepin County Homebuyer Assistance Loan and REHAB Loan of up to $30,000 in assistance
Targeted Areas Brooklyn Park, Champlin, New Hope, Brooklyn Centerhttp://www.hennepin.us/files/HennepinUS/Housing%20Community%20Works%20and%20Transit/Housing%20Development/Federal%20Grants/NSP/NSP%20Homebuyer%20Assistance%20Program_TARGET%20AREAS.pdf
Funds expended for Brooklyn Park, Crystal, and Richfield

Anoka County NSP remodeled homes for sale http://ww2.anokacounty.us/v3_cd/home-buyers/homes-for-sale.aspx

Anoka NSP Insentive Fund Program
forgiven in the 11th year of living in the home
$10,000 0% interest deferred loan

Elk River
$10.000-$15,000 0% interest deferred forgivable loan for down payment
Targeted elligible areas Elk River Station, Trout Brook Farms (all subdivisions), Country Crossings, Grandview Addition, Heritage Landing, Sandpiper Estates, and Twin Lake Town Homeshttp://www.ci.elk-river.mn.us/vertical/Sites/%7B18493844-E9A7-4BC5-BA1B-5149BB77ECC4%7D/uploads/%7BBF30574C-B169-40F4-BB05-1C6AD528C26D%7D.PDF

Isanti
$12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28%
up to $30,000 0% deferred forgivable loan for necessary rehab
Targeted eligible areas http://www.cmhp.net/documents/ExhibitACityofIsantiNSP.pdf

Zimmerman
$12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28%
up to $30,000 0% deferred forgivable loan for necessary rehab
city map of targeted areas http://www.cmhp.net/documents/ZimmermanCityMap.pdf

Monticello and Otsego
$12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28%
up to $30,000 0% deferred forgivable loan for necessary rehab
Targeted Elligible areashttp://www.cmhp.net/documents/MonticelloOtsegoinfo.pdf

Buffalo
$12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28%
up to $30,000 0% deferred forgivable loan for necessary rehab
down payment closing costs, rehab
Targeted Elligible Areashttp://www.cmhp.net/documents/Buffalozoningmap.pdf

 

2 thoughts on “NSP Neighborhood Stabilization Program

  1. abdirashid adani

    HI
    I bought a house at BROOKLYN PARK, I AM wondering if I am eligible for an assistance
    thanks
    Abdirashid Adani. 651-9999085

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