Federal grants help families dreaming of a home with $15,000 grants from the City of Phoenix when purchasing a foreclosed or bank owned home.



Per Connie Cone Sexton of the The Arizona Republic in an article dated February 1, 2010
the poor econmy has produced opportunities for homebuyers with grants of up to $15,000.

Phoenix has been awarded an additional $60 million in a second phase of the Neighborhood Stabilization Program, funded through the American Recovery and Reinvestment Act of 2009. The U.S. Department of Housing and Urban Development awarded a total of $1.93 billion to states, cities and organizations. Phoenix, along with its partners, received the sixth-largest grant amount in the competitive process.

Grants of up to $15,000 on mortgage loans are made possible by a nearly $40 million federal grant given to Phoenix for a Neighborhood Stabilization Program. The city program works to rid neighborhoods of abandoned, foreclosed properties through acquisition, rehabilitation, demolition, redevelopment and financial incentives.

Individuals may receive up to $15,000 from the city and may use the money for a down payment and closing costs. So far 31 people who benefited from the grant. Another 38 have pending contracts. Now, others like them that dream of owning a home will get a chance. For more information on the programs and qualification requirements, click: http://phoenix.gov/residents/stabilization/nsp/programs/index.html 

Jeff Masich, Realtor
Arizona Homes and Land
phone: 480-556-0940
email: JeffMasich@ArizonaHomesLand.com
web: http://ArizonaHomesLand.com
HomeSmart Real Estate