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
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.
