Neighborhood Stabilization Program (NSP)

Eligible applicants can receive homebuyer's assistance for the purchase of their new NSP home.  This assistance can be utilized to help with the cost of purchasing the home and be applied to the first mortgage to reduce the monthly payments. We offer financial assistance as a soft-second mortgage that is a deferred payment loan with 0% interest and now payments which reduces annually at the anniversary date of the closing.

Applicants are required to maintain the NSP home as their primary residency for a period of five or ten years depending on the amount of assistance they select.

The program currently offers the Soft-Second Mortgage in two options:

1. $14,500 for five years with no interest and no payments, reduced annually at a 20% rate.
2.  $22,500 for ten years with no interest and no payments, reduced annually at a 10% rate.

If the homebuyer is unable to remain in the home for the residency requirements then the pro-rated loan amount shall be due back.