Neighborhood Stabilization Program (NSP)
Miramar Stabilizatoin Program
One of our clients, Tikisha, just purchased a home through the City of Miramar’s Neighborhood Stabilization Program. Using the NSP Tikisha was able to purchase a foreclosed home inside the designated Redevelopment Zone established by the City of Miramar. The NSP purchase assistance funds she received enabled Tikisha to purchase a home for her family that would have otherwise been financially infeasible. The NSP provided Tikisha with a $60,000 forgivable loan and paired her with Wells Fargo who issued her an additional $60,000 FHA loan at the very competitive rate of only 4.7% interest fixed for 30 years. As a result, she was able to leverage herself and obtain a total of $120,000 in loans to purchase her new home. The purchase assistance loan that originated through NSP will be completely forgiven as long a Tikisha resides in the homes as her principal residence for the next 15 years. It gets even better! In addition to receiving 50% of the purchase price of the home in Purchase Assistance Funds, Tikisha will also receive up to and additional $60,000 in renovation/ repair allowance from the City of Miramar. The NSP repair funds can be used to affect repairs such as code violations, energy and water efficiency improvement (green improvements), health and safety issues, electrical and mechanical systems, appliances, and general home repairs.
We will be checking back in on Tikisha in the next few months to see how the renovation of her new home is going and to get her personal perspective on how the City of Miramar’s NSP program has benefited her and her family. Stay tuned!!
Currently the cities of Miramar, Pembroke Pines and Coral Springs in Broward County, Florida offer NSP funds through the Community Redevelopment Associates of Florida. If you would like to find out more about the Neighborhood Stabilization Program and the Cities that offer funds to purchase homes click on the following link to view an article I wrote about the NSP program. The article contains links to the agencies to contact to learn how to apply for NSP funds in your area:
