Board of Supes Approves Neighborhood Relief Program
The Rivco Board of Supervisors today allocated $9,700,000 in federal funding to implement the Neighborhood Stabilization Homeownership Program (NSHP) today. This funding comes out of a $44 million dollar grant for Neighborhood Stabilization Program (NSP). The key is the “H” in the NSHP, which emphasizes “homeownership,” as opposed to the umbrella NSP program administered by the Economic Development Agency.
Resolution 2009-112 approves a loan and subordination agreements for the NSHP, making a financing mechanism available to eligible first-time homebuyers to enable them to purchase foreclosed or abandoned single family homes.
The program provides down-payment assistance as a silent second load for 20 percent of the purchase price of the home. It’s restricted to residents who have not owned a home in the last three years and have an annual income not greater than 120 percent of the area median income. It is restricted to the purchase of a foreclosed home.
The intent of the Program is to stabilize neighborhoods by promoting homeownership, and fix up and repair abandoned homes. Incorporating energy-efficiency improvements is also a priority of the program, and assistance will also be available for home repair. The total benefit of loan assistance for down payment and repairs shall not exceed $75,000.
To learn about the new NSHP program, visit http://www.rivcoeda.org/Default.aspx?tabid=1320