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Home
Bidding,
Vendors and |
Purchase and Repair Program
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| As a complement to other NSP-2
programs, which revitalize the most significantly deteriorated properties
through developer activity, the Purchase and Repair Program promotes
homeowner investment in targeted areas. The goal of the program is to
create incentives for homeowners to purchase in targeted areas where other
focused stabilization activities are underway. Many of the foreclosed homes that are available and appropriate for immediate homebuyer purchase (e.g., do not need extensive rehabilitation) may need minor repairs to meet first mortgage lending requirements. This program allows the homeowner to complete these repairs and access funds to assist with purchasing the home through a combination of a deferred payment loan and grant. Detailed program guidelines for the Purchase and Repair Program will be approved subsequent to NSP-2 funding award. |
08/17/2009
