Affordable Housing

Neighborhood Stabilization Program

  

On July 30, 2008, Congress passed the Housing and Economic Recovery Act of 2008 to assist communities devastated by foreclosures. The legislation recognized that unoccupied foreclosed homes can lead to declines in neighboring house values, increased crime and significant disinvestment. To mitigate these harmful effects, Congress appropriated $3.92 billion to communities hardest hit by foreclosures and delinquencies in order to allow city governments and non-profits the ability to acquire and redevelop abandoned and foreclosed properties.  The Department of Housing and Urban Development (HUD) was tasked to design a program and distribute funds to states and local governments. The Neighborhood Stabilization Program (NSP) was developed as a result of the legislation. North Carolina was allocated approximately $52.3 million in NSP funds that were distributed to local governments and non-profits.  The Division of Community Assistance (DCA) is the state agency charged with administration and allocation of NSP funds. City of High Point was awarded $2.625 million.

 

City of High Point obligated NSP funds for the acquisition and redevelopment of foreclosed or vacant properties, down payment assistance for the acquisition of foreclosed properties by NSP eligible first-time homebuyers, rehabilitation of foreclosed properties purchased by NSP eligible first-time homebuyers, and financing of a housing tax credit project.  At the end of FY 2010, several outcomes were accomplished with NSP funds.  10  NSP-eligible first-time homebuyers received down payment assistance for the purchase of foreclosed property.  7  foreclosed properties purchased by NSP eligible first-time homebuyers were rehabilitated with NSP funds.  4  blighted and vacant properties were acquired for future redevelopment.

Neighborhood Stabilization Program

Strengthening Communities through Affordable Housing

 

City of High Point Community Development & Housing Department utilized Neighborhood Stabilization funds to purchase foreclosed homes in the community and rehabilitate the homes to make them available to first-time homebuyers. Eligible buyers can receive down payment assistance through the Homebuyer Assistance Program.

 

Eligibility Requirements

 

Participants must be first-time homebuyers or someone who has not owned a home in the last three years.

Buyers must have a household income not to exceed 50 percent of the median income for the High Point-Greensboro, NC Metro FMR Area. The income limit varies with household size.

Buyers must receive a minimum of eight (8) hours of homebuyer education. To register for the next free class, call 889-6108.

 

Available Assistance

 

A loan for up to $7,500 in down payment assistance is deferred for the first 3 years and then amortized over 10 years at an interest rate of zero (0) percent.

 

Homes for Sale