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January 21, 2009: Neighborhood Stabilization Program available for eligible applicants
 

Through the Neighborhood Stabilization Program, the City of Coral Springs will provide emergency assistance to low and moderate-income persons with the purchase and rehabilitation of foreclosed homes in Coral Springs. Applications will be available from February 2 to March 6 at City Hall South, located at 9530 W. Sample Road.

The Housing and Economic Recovery Act (HERA) provides for an allocation of $3,378,142 to the City of Coral Springs. As part of this program, the City will be able to assist qualified buyers in purchasing a foreclosed property that has been deemed eligible under NSP. Eligible properties include single-family detached homes, condos, town homes, and villas that have been foreclosed on for at least 90 days. The program also offers assistance to homeowners that purchased a foreclosed property with NSP and want to make minor repairs and/or energy efficient improvements.

Financial assistance will be provided in the form of a 15-year, 0% interest, deferred payment loan secured by a second mortgage and promissory note.  The loan is forgivable in its entirety at the end of the affordability period, which begins from the date of settlement provided the title remains under the ownership of the original purchaser.

Eligibility
Applicants do not have to be first-time homebuyers. However, applicants may not own any other property. Applicants will be prioritized on a first-qualified, first-served basis. Residents displaced from mobile home parks seeking to purchase a non-mobile home may apply. The income criterion for a family of four is $85,440. For a detailed list of income criteria, please visit
www.coralsprings.org.
 
For more information, please call Community Redevelopment Associates of Florida, Inc. at 954-431-7866. City Hall South is open Monday to Friday from 7:30 a.m. to 5 p.m.





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