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**Currently Suspended**
Description
The Neighborhood Stabilization Program (NSP) was established by the Housing and Economic Recovery Act of 2008 on July 30, 2008. Congress appropriated $3.9 Billion in federal funding to help states and local governments to stabilize neighborhoods most affected by home foreclosures. The US Department of Housing and Urban Development (HUD) allocated $2,044,254 in NSP funds for Arlington. On November 4, 2008 the Arlington City Council authorized staff to submit an application to HUD to utilize NSP funds for the following three eligible NSP activities:
1. Establish financing mechanisms to help qualified, income-eligible homebuyers to purchase a foreclosed or abandoned home in Arlington
2. Acquire and rehabilitate foreclosed or abandoned homes in Arlington and sell homes to qualified income-eligible homebuyers
3. Acquire and demolish vacant, blighted foreclosed homes and redevelop the property with NSP grant eligible activities such as construction of a new home or creation of a public facility such as a pocket park.
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GENERAL INFORMATION
Frequently Asked Questions
(pdf)
Assistance Provided
- Homebuyer Assistance may include a grant for
down payment, closing costs and /or rehabilitation costs of the foreclosed home.
- Foreclosed homes must be acquired at a discount from the appraised value. The home must be appraised at least 60-days prior to purchase.
- Foreclosed homes available to purchase must have been vacant or occupied by the homebuyer
- Homebuyers must successfully complete a minimum of eight hours of free HUD approved homebuyer education
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Criteria for Eligibility
- Homebuyers must meet HUD income limits
NSP_Income_Limits
(pdf)
- 25% of NSP funds must benefit households at or below 50% of Area Median Income
- Homebuyer must be able to qualify for the mortgage
- Homebuyers must reside in the home as their primary residence for an affordability period determined by the amount of assistance received
- Homebuyers must acquire a vacant foreclosed home with NSP funds
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Eligible Repairs/Improvements
- Foundation repairs
- Electrical repairs
- Heating and plumbing repairs
- Structural repairs, especially roofs, porches, windows, and doors
- Repairs needed to meet City Code
- Replacement of essential built-in appliances
- Vinyl siding in lieu of exterior paint
- Install ramps, widen doorways
- Install grab bars, install wheel chair accessible shower
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Ineligible Repairs
- Luxury items
- Wall paper
- Flooring such as tile, hard wood floors, etc.
- Hot tubs, whirlpool baths, steam showers
- Patios or decks
- Room additions
- Installation of fireplaces
- Window treatments (curtains, blinds, etc.)
- Additions that alter or increase the square footage of the residence.
- Repairs otherwise covered by homeowner’s insurance
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NSP Target Area Maps Application Process
Program guidelines are available for review at the following link,
NSP
Homebuyer Assistance Guidelines (pdf)
To apply for the Neighborhood Stabilization Program, please contact Tarrant County Housing Partnership, Inc. by phone at 817-924-5091 or by email
info@tchp.net.
Lender Guidelines
To participate in NSP activities, lenders are required to attend a lender orientation. Contact TCHP at
info@tchp.net to register for Lender orientations.
Lender guidelines can be reviewed at the following link.
NSP
Participating Lender Guidelines (pdf)
Approved Lender List
The following lenders have completed the NSP Lender Orientation and are approved to participate in NSP funded activities.
Participating Lender
List (pdf)
For More Information Contact
Tarrant County Housing Partnership, Inc at 817-924-5091 or by e-mail
info@tchp.net.
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