City of Grand Prairie NSP
Neighborhood Stabilization Program
The Neighborhood Stabilization Program (NSP) was established by the Department of Housing and Urban Development (HUD) in order to provide targeted emergency assistance to state and local governments. The NSP gives state and local governments the opportunity to acquire and redevelop foreclosed properties.
On November 4, 2008, the Housing and Neighborhood Services staff was granted permission by the Grand Prairie City Council to submit an application for NSP funds. The City of Grand Prairie was awarded with a $2,267,290.00 grant to help finance activities generating home ownership opportunities and neighborhood stabilization through the acquisition and renovation of foreclosed properties located in the city. Grand Prairie will use the NSP funds for the programs listed below:
- The NSP funds will help qualified government employees (including federal, state, county, city and school district employees) working in the city of Grand Prairie purchase foreclosed homes.
- The NSP funds will allow the city to acquire and redevelop foreclosed homes. Grand Prairie will then resell the foreclosed homes to qualified government and school district employees at a discount.
- The 20 percent discount will include half of the down payment and assists with closing costs, fees and a principal reduction.
- Assist eligible low, moderate and middle-income families purchase foreclosed homes located within the city limits of Grand Prairie.
- Grant qualified homebuyers up to $20,000 to assist with their down payment, closing costs and rehabilitation costs of foreclosed homes in approved census tract.
- The house must be purchased at 1% discount from independently appraised value unless otherwise approved by the Grand Prairie.
- UPDATE: The city of Grand Prairie is in the process of receiving additional funding through the Texas Department of Housing and Community Affairs NSP-PI program. More information TBA.
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.