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Issue: 1047 Date: 9/16/2010
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St. Louis County Is Offering Down Payment Assistance of $5,000 - $34,500 on Affordable, Completely Remodeled NSP Home Purchases
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In the fall of 2008, St. Louis County received a Neighborhood Stabilization Program (NSP) Grant of approximately $9.3 million from the Department of Housing and Urban Development (HUD) and another $8.9 million from the State of Missouri. NSP was created with the intent of providing federal grant monies to assist jurisdictions/municipalities in purchasing vacant and foreclosed homes in targeted areas in order to stabilize communities. St. Louis County has implemented two primary activities through the NSP program: 1) renovating foreclosed properties and making them available for sale or rent to income eligible families, or 2) demolishing derelict properties for new construction or land banking sites until a viable use can be determined.
To date, St. Louis County has purchased 130 properties and 85 will be sold to income eligible families at or below 120% of the Area Median Income (AMI) Limit. Many of the 85 properties are now complete and on the market for sale. A list of these properties and listing agents can be found at http://www.stlouisco.com/plan/NSP/NSPForSaleProperties.html.
NSP homes have been completely refurbished with new flooring, painting, roofing, siding, windows, energy efficient mechanicals, and new kitchens and bathrooms. Both renovated and newly constructed homes feature Energy Star appliances including stoves, microwaves, refrigerators, and dishwashers. Eligible Homeowners must meet income restrictions, secure a traditional fixed rate mortgage, and complete housing counseling education prior to acquiring an NSP residence. A list of approved Housing Counseling Agencies can be found at: http://www.stlouisco.com/plan/nsp/NSPForSaleProgram.html.
To assist in the purchase of an NSP home, St. Louis County is offering down payment and/or closing cost assistance to interested buyers meeting the 120% income restrictions. Respective homeowners could be eligible to receive between $5,000 and $34,500 based on family income.
2010 120% HUD Area Median Income Limits1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person$53,750 $65,550 $73,750 $81,950 $88,500 $95,050 $101,650
For any homebuyer or realtor with questions or if you would like additional information, please contact Adam Roberts, (314)615-4427 or Katrina Sommer (314)615-2983. |
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