Housing Division Leila DeMaree, Senior Planner and Housing Manager City Hall 510 East Florence Boulevard 520-421-8600 ext 3030 (Phone) 520-421-8602 (Fax) Email Leila
Neighborhood Stabilization Program 3 (NSP3)
The Neighborhood Stabilization Program 3 (NSP3) was established by the Department of Housing and Urban Development (HUD) for the purpose of stabilizing communities that have suffered from foreclosures, short sales, and abandonment. The goal of the program is accomplished by assisting a low to moderate income home buyer purchase a bank owned or foreclosed house and live in the house as the primary residence.
Legislation was passed which provides grants to all states and selected local governments on a formula basis. HUD awarded Pinal County $3,168,315 in March 2011 for a period of three years. Only a portion of this $3.1 million funding has been allocated for financing 44 housing units in the cities of Apache Junction, Coolidge and Casa Grande. Of the 44 housing units, only 19 housing units are allotted for Casa Grande and are required to be purchased within the HUD approved NSP3 target areas or neighborhoods.
How It Works The homebuyer has to be income qualified (low to moderate income) to participate in the program through income certification and received a Home Buyer’s Certificate from a HUD approved counseling agency. The eligible homebuyer will select a foreclosed home within the target areas that comply with NSP3 regulations and guidelines.
What Does the Program Offer? 1. Down payment assistance equal to 20% of purchase price. -Owner must get qualified from a lender and will borrow up to 80% of the purchase price. -All buyers must contribute the greater of 1% of the purchase price or $1,000 from their own funds. 2. Closing cost assistance up to $5000, not to exceed actual closing cost. 3. Up to $25,000 of rehab cost: non-aesthetic repair works, safety and code related; heating and cooling; missing appliances except washer and dryer; plumbing; electrical; minor repairs; doors and windows; flooring; fixtures; counter tops, etc.
The First Step If you are interested in participating in this program and want to buy a foreclosed house within the target areas in Casa Grande, contact the City of Casa Grande Housing Division at (520) 421-8670, Monday through Friday from 8:00 a.m. to 5:00 p.m. or e-mail Leila DeMaree at firstname.lastname@example.org.
Download Application An application form can also be obtained from the City Housing Office, 510 E. Florence Blvd., Casa Grande, AZ.