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Click here for the NSP Newsletter
Neighborhood Stabilization Program (NSP)
NSP HOMES FOR SALE!! NSP HOMES FOR SALE!! NSP HOMES FOR SALE!!
Overview
The Neighborhood Stabilization Program (NSP)was created to address the series of problems arising from the significant number of foreclosed homes. These problems include property value loss, lost revenue both in the public and private sectors, the increase in incidents of blight and crime due to vacant foreclosed homes, and the shrinking mobility of loans for refinance due to lost equity.
The program is authorized under Title III of the Housing and Economic Recovery Act of 2008, signed into law on July 30, 2008. Through an allocation process based on need, Adams County will receive $4.6 million in direct federal allocations and an additional $2.75 million in state-directed federal funding. NSP was created to be a five-year program, with a sunset date of July 30, 2013, after which time all remaining funding will be returned to the U.S. Treasury Department.
This funding can be used for a variety of activities designed to stabilize housing, including use as a financing mechanism to ensure affordability; for acquisition, rehabilitation and resale or rental of foreclosed homes; for acquisition, demolition and redevelopment of blighted structures; and for land banking. All of these eligible activities will be pursued within Adams County. For more information about how these activities will be implemented, please see the Adams County Community Development NSP Substantial Amendment.
Adams County has chosen the Adams County Housing Authority to be the managing partner of the County’s NSP activities, so all questions and concerns relating to NSP implementation should be directed to nsp@achaco.com.
Get Involved
There are a number of ways to be involved with NSP.
Neighborhood Stabilization Program Guidelines for Purchase
Everything you need...one easy to access place.
**Please remember, a complete application and Intake must be submitted at least four weeks before closing in order to allow time for processing.**
Eligibility Requirements
Process - How to apply
NSP Homes for Sale
Contact Us
Eligibility Requirements
Eligibility Requirements for Down Payment Assistance
Borrower must be a first time homebuyer
- Houses will be sold to first-time homebuyers, defined as individuals or families who have not owned real property in the previous 3 years. A single parent is considered a first time homebuyer if they do not currently own a home.
- In order to purchase a home, prospective buyers must attend 8 hours of homebuyer counseling. ACHA offers workshops on the 2nd and 4th Wednesdays of the month at the Adams County Social Services building (7190 Colorado Blvd, Commerce City, CO). For more information, call the workshop hotline at 303-227-2089.
- Prospective buyers must be income qualified for purchase of NSP homes, as defined by the U.S. Department of Housing and Urban Development (HUD). A buyer must meet Income Guidelines - 50% - 120% of Area Median Income by household size (depending on specific property. Please see table below for current income limits:
Median Family Income in the Denver - Aurora Metro Statistical Area |
AMI Percent |
1 person |
2 persons |
3 persons |
4 persons |
5 persons |
6 persons |
120% |
$60,300.00 |
$68,950.00 |
$77,550.00 |
$86,150.00 |
$93,050.00 |
$99,950.00 |
100% |
$53,200.00 |
$60,800.00 |
$68,400.00 |
$76,000.00 |
$82,100.00 |
$88,200.00 |
80% |
$42,550.00 |
$48,650.00 |
$54,700.00 |
$60,800.00 |
$65,650.00 |
$70,550.00 |
50% |
$26,600.00 |
$30,400.00 |
$34,200.00 |
$38,000.00 |
$41,050.00 |
$44,100.00 |
30% |
$15,950.00 |
$18,250.00 |
$20,500.00 |
$22,800.00 |
$24,600.00 |
$26,450.00 |
Those who meet the above-listed eligibility criteria may also be able to access NSP funding for down payment and closing cost assistance. Buyer Cash Contribution - the buyer must contribute a minimum of 1% of purchase price with the buyer's own funds (not a gift).
To obtain the down payment and closing cost assistance, you must utilize financing from one of ACHA’s approved lenders. The down payment and closing cost assistance is set up as a loan and is considered a second mortgage with no monthly payment required. The loan must be repaid at the time the home is sold, ownership is transferred, the first mortgage is paid in full, or the purchaser no longer uses the home as their primary residence.
For the latest information on funds available please check with Zachary Urban @ Zurban@ACHACO.com.
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How to Apply-
**Please remember, a complete application and Intake must be submitted at least four weeks before closing in order to allow time for processing.**
Initial Application Process
After Conditional Acceptance
- Meet with HOP administrator to complete intake and counseling.
- Buyer is required to attend 8 hours of Home Buyer Education from an approved HBE class.
- Buyer must supply additional Verification Documentation per program guidelines:
- Copy of last three (3) years personal income tax returns with W-2’s for all household member 18 years of age or older
- Copy of most recent bank statement
- Copy of two pay stubs for all working persons over the age of 18 within the household
- Copy of any pension, annuity, or social security benefits statements
- Copy of Driver’s License
- Divorce Decree including maintenance
- Child Support Agreement
- Evidence of Payments
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NSP Homes for Sale
Pictures and information on the current homes for sale can be found on www.Recolorado.com or go directly to the Listing Realtors links for more information.
9311 York Street, Thornton, Colorado 80229
COMING SOON!!
6096 Oneida Street, Commerce City, Colorado 80022
Joan@joanbagwell.com
4381 E. 70th Avenue, Commerce City, Colorado 80022
UNDER CONTRACT
6441 Magnolia Street, Commerce City, CO 80022
www.affordablehousingconsultants.org
Homes to Come - Visit Again Soon!
www.SamWilsonGroup.com
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Contact Us
Artie Lehl - Manager of Special Projects
Home Sales Questions
Alehl@achaco.com
Direct: 303-227-2055
Zachary Urban- Director of Housing Counseling
Down Payment Assistance Questions
Zurban@achaco.com
Direct: 303-227-2059
Terri Doan- Program Activities Coordinator
Program Information Questions
Tdoan@achaco.com
Direct: 303-227-2744
For additional information, please contact us at nsp@achaco.com.
Contractors
The Adams County Housing Authority will publish all Requests for Proposals (RFP) relating to NSP services on the National Association of Housing and Redevelopment Officials (NAHRO) e-Procurement System. Please follow this link to view open RFPs and register your company to receive notification when new RFPs are posted. For assistance in accessing or registering with the system, please call Customer Support at 1-866-526-9266. For questions relating to specific published RFPs, please contact Jan Brandt at 303-227-2076 or jbrandt@achaco.com.
Rent-to-Own
Please check back later for information about ACHA’s Rent-to-Own program.
Lenders
Selling REOs:
- REOs acquired with NSP funding are required to be purchased at a discount of at least 5% per property, with an aggregate discount of 15% across the portfolio.
- The property must be vacant, preferably at least 90 days.
- If you have a property you would be interested in selling that meet these criteria, please contact us at nsp@achaco.com.
Financing:
- If you would like to become an approved lender for ACHA’s first-time home buyers program, please contact us at nsp@achaco.com.
- If you are interested in providing financing to be used as leverage for NSP, please contact us at nsp@achaco.com.
Adams County Housing Authority provides housing solutions and services for Adams County residents. Complete information for all programs can be obtained by calling (303) 227-2075 or visiting our web site at www.adamscountyhousing.com.
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