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
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.
