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Neighborhood Stabilization Program (NSP).....A Boost for Homebuyers

By
Real Estate Agent with eXp Realty

This past weekend I posted a blog regarding the $8,000 tax credit for first time homebuyers and touched on other government funded programs; particularly the Neighborhood Stabilization Program (NSP).

There has been a lot of hype about government funded programs and stimulus' since we've entered the recession. The $8,000 tax credit for first time home buyers seem to be the most popular; however it's not the only program available out there for home buyers. Therefore; I thought I would address one in particular that is available in almost every neighborhood yet a lot of people seem to be unaware of it. It's called The Neighborhood Stabilization Program, also known as NSP.

The following information pertains specifically to the city of Davie which is located in Broward County, FL. However; the information holds true or is pretty close for other neighborhoods as well.

This program is geared to keeping neighborhoods vibrant. Due to the crash of the economy we all know that there are tons of foreclosed homes in just about every neighborhood. Apart from being abandoned, foreclosures are usually damaged by graffiti or by the ex-homeowner themselves and becomes an eyesore in the community. They can also attract various activities that result in declining the value of the homes in the surrounding area.

The program offers up to $80,000 in incentives; with up to $40,000 going toward the purchase of the home and up to an additional $40,000 going toward the repair of the home. In order to qualify for this program a number of things must occur, including the following;

* you must be a first time home buyer, not currently own a home

* property must be foreclosed and located in eligible target area

* buyer must take a HUD approved 8 hour education course

Click on the link below or copy and paste to your browser to see additional details.

http://74.125.45.132/search?q=cache:tt0eaJvJzWEJ:www.davie-fl.gov/Pages/DavieFL_HousingCDv/NeighborhoodStabilizationProgram/NSPResidentPresentation.ppt+davie+neigborhood+stabilization+program&cd=2&hl=en&ct=clnk&gl=us

If you live outside the city of Davie this program should be available in your area, so check with your local city's website for details pretaining to your neighborhood.

All the Best!

Adell