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Eric Frensdorf's Blog

By Eric Frensdorf | Agent in Phoenix, AZ

Receive $15,000 in Closing Costs or Down Pymt Assistance

City of Phoenix Neighborhood Stabilization Program (NSP)


Neighborhood Stabilization Program (NSP) funds are helping communities hit the hardest with foreclosures to put foreclosed and abandoned properties back into productive use.
In 2009, the city of Phoenix received $39.4 million in HUD Neighborhood Stabilization Program (NSP1) grant funds from the Housing and Economic Recovery Act of 2008 (HERA) and in February, 2010, received $60 million in additional Neighborhood Stabilization Program (NSP2) funds under the American Recovery and Reinvestment Act (ARRA). Funding from these grants is expected to address more than 2,200 single- and multi-family properties in Phoenix. In 2010, the city was awarded an additional $16 million in NSP3 funding through the Dodd-Frank Act.


NSP homebuyer programs available:

Interested homebuyers who meet program eligibility requirements receive a $15,000 zero-interest, no monthly payment loan to use toward the purchase of a foreclosed home.

Options for homebuyers are:

1. Homeownership Assistance Program - Buyers purchase any foreclosed home within the city of Phoenix; receive credit counseling and homebuyer education plus $15,000 in closing cost and down payment assistance

2. Move-in Ready (MIR) Program - Newly renovated foreclosed homes for sale by NSP developer partners; improvements bring house up to housing quality standards, feature energy-efficient systems, improved design finishes and enhanced curb appeal. Buyer will also receive $15,000 in closing cost and down payment assistance

You may be eligible for one of these helpful NSP3 Programs, if you:

  • Do not currently own any real estate
  • Will occupy the home as your primary residence
  • Earn within the program’s income requirements, which are less restricted than you may think. For example, a household of four can make $79,700 and still qualify for the program.

Given the current affordability of homes in Phoenix, the time to buy is now! If you or someone you know is interested in learning more information about these programs, please contact Eric Frensdorf at (480) 722-9771 or click HERE to submit your information.

List homes currently on NSP3 Program

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NSP 3 Funds Are Being Used To:

  • Encourage owner occupants to purchase vacant and abandoned properties in need of repair within Phoenix neighborhoods through incentives and down payment assistance.
  • Prepare homebuyers for successful, long-term homeownership through housing counseling.
  • Purchase and rehabilitate foreclosed multi-family complexes to provide affordable housing for households at or below 50 percent of the area median income.
  • Purchase blighted foreclosed/abandoned properties to demolish and redevelop in targeted areas.

Outcomes To Date Include:

  • 188 home buyers have purchased foreclosed houses to use as their primary residence, using NSP homeownership purchase assistance loans.
  • 254 foreclosed homes have been purchased by NSP developer partners for rehab and resale to program eligible buyers. To date, 137 homes have been sold.
  • 8 multi-family properties have been purchased for rehabilitation to provide over 1,600 affordable rental units. More than 1,000 units are set aside for households at or below 50 percent of the area median income.
  • 30 blighted properties – including a 52-unit multi-family complex – have been purchased for demolition and redevelopment to revitalize and stabilize target neighborhoods.

If you or someone you know is interested in learning more information about these programs, please contact Eric Frensdorf at (480) 722-9771 or click HERE to submit your information.

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