Definition
Federal program providing funding to purchase and rehabilitate foreclosed properties to prevent neighborhood decline.
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NSP provides grants to eligible organizations to purchase and rehabilitate foreclosed properties in distressed neighborhoods. Goal is stabilizing neighborhoods after foreclosure waves. Properties are rehabilitated and sold to qualified buyers with down payment assistance. Targets low-income neighborhoods. Implemented by nonprofits and local government agencies. Properties are typically below market value. Buyer income requirements apply. Program focuses on stabilization rather than profit. Availability depends on local program implementation.
Pro Tip
Contact local housing authorities about NSP properties in your area.
Example
NSP funded purchase and rehabilitation of a foreclosed property sold with down payment assistance to a qualified buyer.