Who or What is NSP? – HUD’s new Neighborhood Stablization Program (NSP) will provide targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. U.S. Housing and Urban Development has allocated $3.92 billion in effort to respond to the effects of high foreclosures. The money has been allocated to all states and especially those areas that have been hit hard by foreclosures. Miami-Dade County received $62,207,200.00 which can be used for grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer downpayment and closing cost assistance to low- to moderate-income homebuyers (household incomes not exceed 120% of area median income).
Miami-Dade County has opened the lottery for HUD’s Neighborhood Stabilization Program (NSP) with a deadline of May 22, 2009 to apply. Eligible homebuyers can receive $50,000 – $70,000 as a second mortgage with 0-6% interest to purchase a foreclosure (up to $205,000) in a targeted priority area. Income limits do apply and are listed on the application. Click here for Targeted Priority Areas.
To apply please click here for an application in English. Para una applicacion en español oprima aqui.
The Primary mortgage must be with an approved lender. Click here for a list of Approved Lenders. Applicants do not have to be first-time homebuyers however, they will have to attend an 8-hour homebuyer certificate course. To obtain a list of classes click here.
For more information on the NSP for Miami-Dade County click here .
City of Miami, Miami Beach, Hialeah, North Miami, Miami Gardens and Homestead received their own NSP funds separate from Miami-Dade County. Some of the cities will be providing financial assistance to homebuyers shortly. For more information please click on the name of the city. City of Miami, Homestead, Miami Gardens.
For more information on Home Buying Assistance for both Miami-Dade and Broward Counties click here.