| Neighborhood Stabilization Program (NSP) |
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| An Overview |
Oregon Housing and Community Services (OHCS) is the primary grantee for the Neighborhood Stabilization Program (NSP) for the State of Oregon. OHCS received $19.6 million in NSP funds from the U.S. Department of Housing and Urban Development. NSP funds were allocated under the federal legislation called the Housing and Economic Recovery Act of 2008 (HERA). The NSP was created to encourage the purchase and/or redevelopment of foreclosed properties within eligible areas that might otherwise become sources of abandonment and blight.
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| Resources for Lenders and Real Estate Professionals |
The following resources will provide step-by-step guidance for Lenders and Real Estate Professionals as they assist eligible homebuyers access NSP funds.
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 Accessing NSP funds: A Step-by-step process for lending & real estate professionals |
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| NSP Program Overview |
| Oregon Housing and Community Services (OHCS) is the primary grantee for the Neighborhood Stabilization Program (NSP) for the State of Oregon. OHCS received $19.6 million in NSP funds from the U.S. Department of Housing and Urban Development. NSP funds were allocated under the federal legislation called the Housing and Economic Recovery Act of 2008 (HERA). The NSP was created to encourage the purchase and/or redevelopment of foreclosed properties within eligible areas that might otherwise become sources of abandonment and blight. |
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| NSP Eligible Homebuyers |
NSP eligible homebuyers must meet all of the following requirements:
- Have an annual gross household income which does not exceed 120% of the median income for their area.
- Be able to obtain approval from a primary lending institution for the purchase of the home.
- Be able to contribute up to 1% of the purchase price or $1,000 which ever is greater.
Have completed an approved eight-hour homebuyer training class (“The ABC’s of Homebuying” or “Realizing the American Dream”) by an OHCS Approved Home Buyer Training Provider. |
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| NSP Eligible Properties |
In order to focus NSP funding in the areas of greatest need, OHCS established Target Block Areas where NSP funds are eligible to be spent. The areas targeted are those that - according to the loan, home price, unemployment, and vacancy data - indicate both high rates of foreclosure and potential for abandonment in Oregon. The following links provide access to maps that depict the boundaries of the NSP Target Areas.
The easiest way to view the Neighborhood Stabilization Program Target Area boundaries is using Google Earth as it allows you to search for a specific property address and verify that it is within a NSP Target Area. Contact an OHCS NSP staff member or the relevant City/County Subgrantee staff for assistance in determining if a foreclosed property is within a designated Target Area. OHCS Staff does not maintain lists of foreclosed properties.
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| NSP Eligible Activities |
NSP provides down payment and rehabilitation assistance up to a maximum of $50,000 in the form of 0% interest deferred second mortgages repayable upon sale or transfer of ownership of the property.
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| NSP Program Administration and Assistance |
OHCS is the primary program administrator of Oregon NSP funds but has provided funding and delegated authority to the following City/County Subgrantees to administer program within their jurisdictions:
OHCS has reserved a portion of the NSP funds to directly implement the program in all other areas in the state that are not served by the City/County Subgrantees. Inquiries for the other areas should be forwarded to OHCS.
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| Resources for Homebuyers |
Lenders that have assisted with NSP Loans – coming soon!
Lenders that have expressed interest in assisting buyers with NSP Loans – coming soon!
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| Sources of information about Foreclosed Properties |
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| Contact Information |
Rich Malloy, NSP Coordinator
Email: Rich.Malloy@hcs.state.or.us
Phone: 503-986-2142
Aneta Synan, NSP Program Analyst
Email: Aneta.Synan@hcs.state.or.us
Phone: 503-986-2109
Jody Haury, NSP Administrative Assistant
Email: Jody.Haury@hcs.state.or.us
Phone: 503-986-2112
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