Neighborhood Stabilization Program
WCBH is currently administering a grant called the Neighborhood Stabilization Program (NSP). This program is funded under the Housing and Economic Recovery Act of 2008. The NSP was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonments. Through the purchase and redevelopment of foreclosed and abandoned homes, the neighborhood is then improved and the homes values are maintained. Warren County and WCBH have designated pockets of Warren County that have high foreclosure rates with the foreclosed homes in the target area being eligible for the funds. These areas are in the Franklin, Hunter, Middletown (Turtlecreek Township) and Lebanon.
There are three components to the NSP program: Demolition, Acquisition/Rehab/Resale, and Down Payment Assistance/Rehab. The Demolition component is for properties that are abandoned and need to be torn down.
The Acquisition/Rehab/Resale component is where WCBH will purchase a unit and do the rehab, then put the property up for sale. The benefit of this program is that the home is completely rehabbed, everything is fixed, and ready to move into.
The Down Payment/Rehab component is where the homebuyer purchases the property and then WCBH comes in afterward to do the rehab. The benefit of this program is that the homebuyer gets forgiven down payment assistance and rehabilitation as needed.
(THIS COMPONENT IS CLOSED AS OF JULY 2010)
In order to participate in this program, a family must be 120% of area median income. For example, the income for a family of four cannot exceed $79,425. The family must also live or work in Warren County and complete the Homebuyer Education class. Any credit issues must be resolved and a minimum credit score is required for mortgage eligibility. Finally, the unit the homebuyer wishes to purchase must be one of the earlier designated areas.
Selection for this program is on a first come - first serve basis until the funds are depleted. If you or anyone else would be interested in this program please contact us so an action plan can be put in place.
