| Brief Summary of the Neighborhood Stabilization Program |
| Wednesday, March 4, 2009 10:29:34 AM - Middletown Ohio |
This program is a part of the 2008 Federal Housing and Economic Recovery Act and funded through the Department of Housing and Urban Development (HUD).
• For Emergency assistance for redevelopment of abandoned and foreclosed homes
• Grantees must target funds to give priority emphasis and consideration to areas with greatest need
• Must use funds to purchase and redevelop abandoned and foreclosed homes and residential properties no later than 18 months after execution of the grant agreement (March 19, 2009).
• Income eligibility must be based on 120% of area median income
• No less than 25% of funds must be used for housing activities that benefit individuals whose incomes do not exceed 50% of area median income.
• Any purchase of a foreclosed property must be at a discount of at least 5% from the current market appraised value, with the entire portfolio discounted at least 15%.
• Any rehabilitation must be to the extent necessary to comply with all applicable laws, codes and other requirements.
• The sale of abandoned or foreclosed properties to an individual as a primary residence must be in an amount equal to or less than the cost to acquire and redevelop or rehabilitate such property to a decent, safe and habitable condition.
• Ineligible Activities include:
Foreclosure Prevention
Demolition of non-blighted structures
Purchase of properties not abandoned or foreclosed upon
|
| |
|
