The Riverside County Economic Development Agency (EDA) is inviting applications from various public and private non-profit organizations to acquire and rehabilitate foreclosed, or abandoned (for at least 90 days) vacant single-family homes and resell them to low-, moderate- and middle-income (“LMMI”) owner-occupied, first-time homebuyers in the designated Target Areas in the County. The intended NSP activity under this NOFA is Acquistion, Rehabilitation and Resale to First-Time Homebuyers (“NSP-1”). Homes must be vacant for a period of at least ninety (90) days. The minimum discount for all individual NSP acquisitions must be at least fifteen percent (15%) below the Current Market Appraised Value and determined within sixty (60) days of the date of the appraisal. The final sales price must not exceed the cost of acquisition and rehabilitation. The rehabilitated homes for resale will be available to households that have not owned a home in the last three (3) years, with an annual income no greater than 120% of the area median income as published by HUD.
NSP-1 Acquisition, Rehabilitation and Resale to First-Time Homebuyers