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Neighborhood Stabilization Funds Still Available For First Time Home Buyers

April 9, 2012

What is the Neighborhood Stabilization Program?

The Neighborhood Stabilization Program (NSP) was created by the Housing and Economic Recovery Act of 2008 to respond to rising residential foreclosures and property abandonment. The main purpose of the NSP is to stabilize neighborhoods negatively impacted by foreclosures. Orange County will use NSP funds to acquire, renovate, and sell foreclosed homes at affordable prices to eligible families.

What areas qualify under the NSP?

In order to have the most positive impact on neighborhoods hardest hit by foreclosures, five geographical areas were selected to participate in the NSP program for home purchase and mortgage assistance. They are the following:

1. Pine Hills 2. Azalea Park 3. Union Park 4. Holden Heights / Oak Ridge 5. Meadow Woods

Homebuyers can choose one of the following options  to purchase foreclosed homes under NSP

OPTION A

Buy foreclosed homes that have been purchased by the County and completely renovated. These homes will be equipped with Energy Star appliances. NSP homebuyer assistance of up to $20,000 plus closing cost will be available based on eligibility.

 

OPTION B

Purchase foreclosed homes in NSP areas with your realtor and qualify for NSP homebuyer assistance. NSP homebuyer assistance of up to $20,000 plus closing cost will be available based on eligibility.

Wondering how to purchase a home under the NSP program?

For more information view How to Purchase where you will find that the following topics are covered in detail:

1.Eligibility criteria and program requirements

2.Homebuyer incentives and benefits

3.How to apply for a NSP home

4.Search our available homes

 

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