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February 4, 2010 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 are at www.CoralSprings.org/CommunityDevelopment and www.crafla.org. Applications will be available until all funds are exhausted.

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. 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 5-year, 10-year or 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.

Applications will be accepted by appointments only. Only applicants who received a pre-approval/pre-qualification from a pre-approved lender can schedule an appointment. To schedule an appointment or for more information, applicants must call Community Redevelopment Associates of Florida, Inc. at 954-431-7866, Options 3.


Eligibility
Applicants do not have to be first-time homebuyers, but 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.

Posted:2/4/2010
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