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Neighborhood Stablization Program (NSP) up to $50,000 downpayment Assistance in Bakersfield, CA
What is NSP?The Neighborhood Stabilization Program (NSP) created under Title III of Division B of the Housing and Economic Recovery Act of 2008 is intended to help stabilize neighborhoods that are under distress from foreclosures, property flipping, and sub-prime lending.
Proposed NSP eligible uses and activities to be undertaken by the City.
Downpayment assistance up to $50,000 for qualified homebuyers purchasing a real estate owned (REO) lender asset (foreclosure) unit within the designated NSP areas.  Rehabilitation of NSP acquired REO's purchased within the designated NSP areas to bring ownership residential units to City code. Provide NSP-assisted homebuyers with eight hours of required homebuyer counseling. Homebuyer cannot exceed 120% of the Area Median Income ($64,560 for a family of four in Bakersfield Acquisition of REO units by the Housing Authority of the County of Kern (HACK) within low to moderate income areas to benefit families ≤ 50% of AMI. Rehab of REO units purchased by HACK within low to moderate income areas to bring ownership/rental residential structures acquired with NSP assistance to City code to benefit families ≤ 50% of the AMI. Cannot exceed 50% of the Area Median Income ($26,900 for a family of four in Bakersfield) Land Banking - Bakersfield ... more

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