Neighborhood Stabilization Homeownership Program
The Economic Development Agency (EDA) has a new program called the Neighborhood Stabilization Homeownership Program (NSHP) which will provide purchase price assistance and an optional home repair component to qualified first-time homebuyer families for the purchase of foreclosed homes throughout Riverside County.
What is the Neighborhood Stabilization Homeownership (NSHP) Program?
The Riverside County Economic Development Agency (EDA) is offering a Neighborhood Stabilization Homeownership Program (NSHP). The primary objective is to address the problem of abandoned and foreclosed homes in targeted areas within Riverside County. The Program will be available to anyone who has not owned a home in the last three years, has an annual income that is not greater than 120% of the area median income as published by the U.S. Department of Housing and Urban Development (HUD), and is purchasing a foreclosed home in the County of Riverside. This Program will provide purchase price assistance as a silent second loan in the amount of twenty percent (20%) of the purchase price of the home. EDA purchase price assistance will be secured by a deed of trust recorded in second position. The first loan must be a fully amortized, fixed rate; thirty-year mortgage.
What is the NSHP Home Repair Assistance Program?
The Program can also provide home repair assistance to the home purchased, incorporating energy-efficient improvements which will provide long-term affordability, increased sustainability and attractive housing and neighborhoods. Activities in the NSHP home repair assistance will include items such as curb appeal and landscaping after the close of escrow. However, all home repair items will be identified prior to closing. Total combined amount of purchase price assistance and home repair assistance can not exceed $75,000. NSHP Repair Assistance will be secured by a deed of trust recorded in third position, behind the first mortgage and second deed of trust for the purchase price assistance.