Idaho Neighborhood Stabilzation Program Funds Are Available!

I was one of the first Realtors in the State of Idaho to write an offer for a buyer using the Neighborhood Stabilization Program (NSP) Program. It is a great program because instead of discounting a homes value driving the neighborhood prices even lower, it allows them to be purchased, fixed up and resold using NSP funds and then allows for carrying back up to a 20% second deed of trust at 0% interest with no payments (on an as need basis) to keep the valuations up without impacting the buyers payments!

The State of Idaho has been awarded $19.6 million from the 2008 Housing & Economic Recovery Act to distribute towards the acquisition and rehabbing of foreclosed or abandoned property in targeted areas throughout Idaho. Funds are to be used for homebuyer activities or rental properties for special needs housing.

Here are some of the relevant program highlights:

Income requirements for beneficiaries/homebuyers-up to 120% of AMI.

Do not have to be 1st time homebuyers.

Homebuyer activity-encouraged to use IHFA products.

Must use IHFA-approved Lender.

No subprime loan activity allowed.

Targeted areas of greatest need in Idaho: - Canyon County; - Ada County; - Kootenai County; - Bonneville County; - Twin Falls County; - Bannock County

Keep in mind this is for the acquisition of foreclosed or abandoned property to stabilize neighborhoods. NSP cannot be used for foreclosure prevention. NSP is considered emergency funding-all funds MUST be committed within 18-months and completely expended by July 30, 2013 when the program ends.

Homebuyers are required to complete the Finally Home! Program for homebuyer education.

I am ready to help home buyers use this program again since it takes another vacant REO off the market and converts it into a home generating tax dollars instead of absorbing them! This program can be mixed and matched with other programs at the same time including the $8k First Time Home Buyer Tax Credit and more!