Neighborhood Stabilization Program
Please contact the following realtors to find out about your new home! You will be able to find pictures at this link.
NEIGHBORHOOD STABILIZATION PROGRAM
The Neighborhood Stabilization Program (NSP) was created to address the series of problems arising from the significant number of foreclosed homes during the recent housing crisis. 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 was authorized under Title III of the Housing and Economic Recovery Act of 2008, signed into law on July 30, 2008. Adams County received $4.6 million in direct federal allocations and $2.75 million in state-directed federal funding. NSP was created as a five-year program, and is ending in 2013. Adams County Housing Authority NSP program has purchased, rehabilitated and constructed and sold a total of 37 single family homes in the cities of Northglenn, Westminster, Thornton, Commerce City, Federal Heights, and Brighton.
There is only one home left under this program. Located at 6698 W 72nd Place, in Commerce City, this is a brand new, single-family, three bedroom, attached home. This home is available to households with a combined income at or below 50% Average Median Income (AMI). In addition, potential homebuyers may be eligible for additional funding and financial assistance. Please see below for income guidelines, How to Apply and pictures of the home.
Neighborhood Stabilization Program Guidelines for Purchase
Eligibility Requirements for Purchase
|INCOME LIMITS - 50% AVERAGE MEDIAN INCOME (AMI)|
|Household Size||Maximum Annual Income|
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
- 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 two year's personal income tax returns
- 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
- Signed Legal Residency Affadavit (HC 214)
- Divorce Decree including maintenance (if applicable)
Child Support Agreement (if applicable)
h. Evidence of Payments (if applicable)
- 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.
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.