The Neighborhood Stabilization Program
The Gwinnett County Neighborhood Stabilization Program (NSP) was created to help slow the decline of neighborhoods where housing values and conditions are deteriorating due to the presence of foreclosed homes.

A second objective of the NSP is to provide affordable housing to eligible low, moderate, and middle income homebuyers. To address the foreclosure problem, the County will use NSP funds to purchase vacant foreclosed homes in targeted Census Tract Block Groups, make necessary repairs on the homes, and resell the houses to new homebuyers. Federal law prohibits the County from providing foreclosure prevention assistance from NSP funds.

The County has received approximately $10.5 million from the United States Department of Housing and Urban Development (HUD) and approximately $3 million of HUD NSP funds from the Georgia Department of Community Affairs (DCA) for this program. Gwinnett County's funding requests to these agencies may be viewed by clicking HUD Application or DCA Application.

Available Homes
Available homes are priced from $70,000 to just under $200,000 and are located throughout Gwinnett County. These previously-foreclosed homes have been purchased, updated, and finished, and are move-in ready; many have never been lived in. View the homes on the Available Homes page.
 
NSP Financial Assistance
All NSP homebuyers will receive $22,500 to assist in purchasing their new home, which may be used to help defray the cost of purchasing the home and/or applied to the first mortgage to reduce the monthly payments. This allows a purchaser to lower the monthly payments or purchase a more expensive home.

The $22,500 assistance is a second mortgage with zero payments and zero interest. After the fifth year, this second mortgage is reduced by $2,250 a year until the balance and the amount due is zero after 15 years.

Buyers must meet certain eligibility requirements. To see if you qualify, visit the Qualifications page.

 
How to Get Started
Contact a mortgage lender who provides FHA loans or a real estate agent, who will assist you in qualifying for a loan and selecting a home. If you or your agent has any questions, contact NSP at nsp@gwinnett.com or 770.822.5424.
Quarterly Performance Reports

The U.S. Department of Housing and Urban Development [HUD] requires that all communities receiving Neighborhood Stabilization Program [NSP] funds to post NSP Quarterly Performance Reports on their Web sites to provide citizens with access to this information. Gwinnett County's Quarterly Performance Reports are submitted to HUD and to the Georgia Department of Community Affairs, as both of theses agencies have awarded NSP funds to the County.

HUD NSP Quarterly Reports:

Quarter Ending June 30, 2009
Quarter Ending September 30, 2009
Quarter Ending December 31, 2009
Quarter Ending March 31, 2010
Quarter Ending June 30, 2010

Georgia Department of Community Affairs NSP Quarterly Reports:

Quarter Ending May 31, 2009
Quarter Ending August 31, 2009
Quarter Ending November 30, 2009
Quarter Ending February 28, 2010
Proposed Amendment, September 2010
Additional Links
Contact Us

Gwinnett County Neighborhood Stabilization Program
575 Old Norcross Road, Suite C
Lawrenceville, GA 30046-4367
Phone: 770.822.5424
Fax: 770.822.5195
E-mail: nsp@gwinnettcounty.com