City Program to Match Foreclosed Homes with Buyers

5 08 2009

The City of Jacksonville has launched a new program designed to help prospective home buyers find affordable homes by matching them with renovated homes in at-risk neighborhoods.

The $26 million Neighborhood Stabilization Program was funded through the Housing and Economic Recovery legislation passed during President Bush’s administration.

“We are excited for the opportunity to leverage federal dollars to provide hundreds of Jacksonville residents with the opportunity to own a quality, affordable home,” said Mayor John Peyton. “The NSP program is a win-win for all in that it provides developers and contractors with much needed work during this economic downturn, offers families quality affordable housing and helps further stabilize our neighborhoods.”

Developers are qualified through the program to purchase foreclosed homes in zip codes 32206, 32208, 32209, 32244 and 32254 and rehabilitate them to program standards, which include connecting to city water and sewer, installing air conditioning, carpeting, vinyl floors and Energy Star-rated appliances. All the homes must pass an environmental test and appraisals.

In order to qualify to purchase one of the homes prospective homebuyers’ income cannot exceed 120 percent of the region’s median income, they cannot currently own a home and the home they purchase must be used as their primary residence. Buyers can purchase for as little as $500 down and may qualify for up to $30,000 in down payment assistance.

For more information about the program call 398-HOME (4663) or visit http://www.nspjax.com.

Source: City of Jacksonville Housing and Neighborhood Department

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