Renaissance Realty Group’s Blog: WHAT IS GWINNETT COUNTY NSP ALL ABOUT ??

WHAT IS GWINNETT COUNTY NSP ALL ABOUT ??

Well the Gwinnett County Neighborhood Stabilization Program (NSP) was created to help slow the decline of neighborhoods where housing values and conditions are deteriorating due to the presence of foreclosed homes.

A second objective of the NSP is to provide affordable housing to eligible low, moderate, and middle income homebuyers. To address the foreclosure problem, the County will use NSP funds to purchase vacant foreclosed homes in targeted Census Tract Block Groups, make necessary repairs on the homes, and resell the houses to new homebuyers. Federal law prohibits the County from providing foreclosure prevention assistance from NSP funds.

The County has received approximately $10.5 million from the United States Department of Housing and Urban Development (HUD) and approximately $3 million of HUD NSP funds from the Georgia Department of Community Affairs (DCA) for this program.

4 comments • Eric Reid • May 27 2010 05:24PM

Comments

I would love to see their definition of "eligible homebuyers."  From my vantage point, this is yet another step towards socialism.

Posted by Patsy Overton (Patsy Overton Interiors, Atlanta, Georgia) over 1 year ago

Most of the GA counties that received NSP funds seem to be using them to purchase and renovate rather than offering a 2nd mortgage program.

Posted by Rodney Mason - FHA 203K/ USDA /VA / HomePath Renovation Specialist - GA / AL (Prospect Mortgage, Atlanta, GA) over 1 year ago

Eric

Thanks for sharing the information.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO, (Ludwig & Associates) over 1 year ago

Low, moderate, and middle income homebuyers may be eligible to purchase the NSP homes and receive $22,500 in financial assistance. To qualify as a homebuyer, you must fall into at least one of the four categories below:

  • Be a first-time homebuyer (have not owned a home in the last three years), or
  • Be employed by a government unit or educational or healthcare provider, or
  • Be a surviving spouse of a military serviceperson or a public protector, or
  • Be a single parent

In addition, you must:

  • Qualify for a 30-year, fixed-rate FHA first mortgage, and
  • Complete an eight-hour HUD-approved homebuyers course, and
  • Invest one percent of the purchase price towards buying the home, and
  • Occupy the home as your principal residence, and
  • Meet the income limits below:
Posted by Eric Reid (Renaissance Realty Group ) over 1 year ago

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