Neighborhood Stabilization Program (NSP)
NSP provides loans to homebuyers for home buyer assistance, closing costs, pre-paids, reasonable discount points, home improvements or other financing associated with purchasing vacant foreclosed single family homes. Eligible homes must be located within select participating communities and must be purchased by the homebuyer as their primary residence.
The programs are part of the NSP created by the U.S. Congress in 2008 for the purpose of redeveloping and occupying abandoned and foreclosed homes. Both programs are funded through the U.S. Department of Housing and Urban Development (HUD), Office of Community Planning and Development under the Community Development Block Grant (CDBG) Program and locally administered by the Oakland County Community & Home Improvement Division.
NSP3 (NOT ACCEPTING APPLICATIONS AT THIS TIME 12/19/12)