Tuesday, September 1, 2009

Neighborhood Stabilization Program

Registration to buy a home as part of the Neighborhood Stabilization Program (NSP) in Mesa is now available online. The program, funded by the U.S. Department of Housing and Urban Development, provides grants to certain communities to acquire foreclosed or abandoned homes and to rehabilitate, resell or redevelop them to stem the declining property values of neighboring homes. The City of Mesa has been allocated more than $9.6 million to acquire, rehabilitate and resell foreclosed or abandoned properties in the 85204 zip code. This is in the area bound by Mesa Drive to Val Vista Drive and Main Street to Baseline Road.

There is a two page application which will be used to determine if a potential homeowner is qualified for the program. Eligible homeowners must complete eight hours of home buying counseling, provide a minimum of one percent of the purchase price for down payment, secure a 30 year fixed rate amortizing loan from a lender and agree to live in the home five years or more. They will also receive down payment assistance of 15 percent of the purchase price. Houses will be sold at fair market value.

Eligible families can earn up to 120 percent of the area median income, based on the number of persons living in the household. For a family of four, the income limit is $79,100.

The application form is available at www.mesaaz.gov. For more information, contact Mesa NSP Project Coordinator Ray Thimesch at (480) 644-4521 or Mesa Housing and Revitalization Management Assistant Lisa Karpowicz at (480) 644-5288.

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