NSP Neighborhood Stabilization Program

The Neighborhood Stabilization Program (NSP)  provides grants to all states and selected local governments to assist in stabilizing communities most affected by foreclosures and vacancies.  It is a federal block grant from HUD run through the Community Development Block Grant Program.

• Minimum discount of 1% from appraisal of contract price, resale agreement within affordability period
• Property must be Foreclosed or Vacant
• You do NOT have to be a 1st time home buyer
• To be used for 1/2 of required down payment, closing costs, and prepaids, possibly rehab
• Single Family only
• Forgivable period determined by amount of assistance. If sold, refinanced or no longer is primary residence during affordability period the loan has to be repaid at a prorated amount. 5 year affordability period loans less than $15,000, 10 year affordability period for loans $15,000-$40,000 and 15 year affordability period for $40,000 or more

Hennepin County Homebuyer Assistance Loan and REHAB Loan of up to $30,000 in assistance

• Targeted Areas Brooklyn Park, Champlin, New Hope, Brooklyn Centerhttp://www.hennepin.us/files/HennepinUS/Housing%20Community%20Works%20and%20Transit/Housing%20Development/Federal%20Grants/NSP/NSP%20Homebuyer%20Assistance%20Program_TARGET%20AREAS.pdf

Funds expended for Brooklyn Park, Crystal, and Richfield

Anoka County NSP remodeled homes for sale http://ww2.anokacounty.us/v3_cd/home-buyers/homes-for-sale.aspx

Anoka NSP Insentive Fund Program

• Forgiven in the 11th year of living in the home
• $10,000 0% interest deferred loan

Elk River

• $10.000-$15,000 0% interest deferred forgivable loan for down payment
• Targeted elligible areas Elk River Station, Trout Brook Farms (all subdivisions), Country Crossings, Grandview Addition, Heritage Landing, Sandpiper Estates, and Twin Lake Town Homeshttp://www.ci.elk-river.mn.us/vertical/Sites/%7B18493844-E9A7-4BC5-BA1B-5149BB77ECC4%7D/uploads/%7BBF30574C-B169-40F4-BB05-1C6AD528C26D%7D.PDF

Isanti

• $12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28%
• Up to $30,000 0% deferred forgivable loan for necessary rehab
• Targeted eligible areas http://www.cmhp.net/documents/ExhibitACityofIsantiNSP.pdf

Zimmerman

• $12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28%
• Up to $30,000 0% deferred forgivable loan for necessary rehab
• Targeted areas http://www.cmhp.net/documents/ZimmermanCityMap.pdf

Monticello and Otsego

• $12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28%
• Up to $30,000 0% deferred forgivable loan for necessary rehab
• Targeted Elligible areashttp://www.cmhp.net/documents/MonticelloOtsegoinfo.pdf

Buffalo

• $12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28%
• Up to $30,000 0% deferred forgivable loan for necessary rehab
  down payment closing costs, rehab
• Targeted Elligible Areashttp://www.cmhp.net/documents/Buffalozoningmap.pdf

Ramsey County Opening Doors

• Area Map of 4 target areas http://www.co.ramsey.mn.us/NR/rdonlyres/92478D8B-1E39-4DE4-9BE0-6019BCFE3901/17269/OpeningDoorsMaps1.pdf 
• Up to $10,000 interest free to purchase home and up to $25,000 available for rehab if property does not meet Housing Quality Standards
• 30 year deferred loan paid at sale, transfer title, refinanced. Additional rehab dollars are forgiven at $1,000 per anniversary of purchase date
• Minimum buyer investment $2,000

Contact us today.

Ben Coulter
612.384.7818
Ben@UptownFinancial.com


Minnesota First Time Home Buyer Down Payment Assistance Program

Serving Mankato, North Mankato, Northfield, Minneapolis, St. Paul, Brainerd, St. Cloud, Rochester, Duluth and all other cities in Minnesota.

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