Communities across the country have been severely impacted by mortgage foreclosures and declining property values. In response, Congress passed the Housing and Economic Recovery Act of 2008 which funded the Neighborhood Stabilization Program (NSP) to help revitalize and stabilize impacted communities. The purpose of NSP is to provide targeted assistance to state and local governments to acquire and redevelop foreclosed homes and residential properties that might otherwise become sources of blight within their communities.
Through the NSP, HUD has allocated $3.92 billion to communities nationwide of which $5,795,151 was allocated to the City of Santa Ana. The City submitted their Substantial Amendment to U.S Department of Housing and Urban Development (HUD), which explains the programs to be implemented. As a part of the City’s NSP, the City will be implementing five programs: Downpayment Assistant; Acquisition & Rehabilitation of Single Family Homes; Acquisition & Rehabilitation of Condominiums and Historic Homes; Acquisition & Rehabilitation of Rental Housing; and Redevelopment. For more information on the City's homeowership programs please click here.
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