City of Phoenix Neighborhood Stabilization Program (NSP)
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
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
within the programâ€™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
NSP 3 Funds Are Being Used To:
owner occupants to purchase vacant and abandoned properties in need of
repair within Phoenix neighborhoods through incentives and down payment
- Prepare homebuyers for successful, long-term homeownership through housing counseling.
and rehabilitate foreclosed multi-family complexes to provide
affordable housing for households at or below 50 percent of the area
- Purchase blighted foreclosed/abandoned properties to demolish and redevelop in targeted areas.
Outcomes To Date Include:
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.
home buyers have purchased foreclosed houses to use as their primary
residence, using NSP homeownership purchase assistance loans.
foreclosed homes have been purchased by NSP developer partners for
rehab and resale to program eligible buyers. To date, 137 homes have
- 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 â€“ including a 52-unit
multi-family complex â€“ have been purchased for demolition and
redevelopment to revitalize and stabilize target neighborhoods.