New program helps communities with high foreclosures
A federal program aims to help North Carolina communities hit hard by foreclosures.
Posted — Updated
The federal Neighborhood Stabilization Program (NSP) targets 23 counties identified as having the “greatest need” based on foreclosure starts and other housing-related statistics.
The North Carolina Housing Finance Agency will use NSP funds to provide down payment and closing cost assistance up to $14,900 to qualified buyers to purchase a foreclosed property using its FirstHome Mortgage, which is available to first-time buyers with low-to-moderate incomes.
Buyers must invest $1,000 of their own funds when purchasing the foreclosed home, and the NSP funds can be used in conjunction with the $8,000 federal tax credit until that credit expires November 30.
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