With fully 14% distressed “Solds” in Austin (and that number could grow), there’s a new term to know… Neighborhood Stabilization Program or NSP. This government program is an effort to help stabilize neighborhoods in distress. A foreclosed home can bring down the value of the entire neighborhood, especially with the changed appraisal regulations.
Congress created the multi-billion dollar program to address the housing crisis, create jobs and support local economies. The funds come from the Department of Housing & Urban Development. These HUD NSP grants help state and local governments as well as non-profit developers acquire land and abandoned properties. Down-payment and closing cost assistance to low- to middle-income home buyers is available. Grantees can stabilize neighborhoods by creating “land banks” to assemble, temporarily manage, and dispose of foreclosed homes. NSP provides a means for acquiring quality properties at affordable prices.
Qualified NSP buyers may receive advantages such as: waived earnest money, lengthier contracts with renegotiation clauses, first consideration over speculators and more. With change, there is opportunity. To learn more about the Neighborhood Stabilization Program, go to the official HUD link: http://hudnsphelp.info
|Written by:||Gail Boston|