CITY OF
U.S DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT (HUD)
THROUGH THE COMMUNITY DEVELOPMENT
BLOCK GRANT (CDBG)
NEIGHBORHOOD STABILIZATION PROGRAM
(NSP)
APPLICATION FOR DOWN PAYMENT/PURCHASE
ASSISTANCE
FACT SHEET
The City of North Lauderdale has been
approved to receive approximately $1.9 million from the Department of Housing
and Urban Development (HUD) through the Community Development Block Grant
(CDBG), Neighborhood Stabilization Program (NSP) to facilitate the purchase and
rehabilitation of vacant foreclosed and abandoned properties that might
otherwise become sources of blight within the community.
If you have not owned a home in the past
three years and are interested in becoming a homeowner, the City of North
Lauderdale may have funds available for down payment, and closing costs to income
eligible homebuyers. This assistance
will help you to purchase an eligible property located anywhere in the City of
North Lauderdale.
Down payment and closing cost assistance is
in the form of a no-interest deferred loan. Since this is a deferred loan program, owner
occupancy for up to fifteen years after closing on the home will be
required. Applicant is responsible for
contributing 1%, or $1000, whichever is greater, towards the down payment
amount required by the lender, and must already be qualified for a thirty (30)
year fixed rate first mortgage with an escrow account.
NSP Maximum Income
Eligibility Limits: Based on family
size, your household income may not exceed the income limits below.
|
Household Size |
0-30% AMI Very Low Income |
31-50% AMI Low Income |
51-80% AMI Moderate Income |
81-120% AMI Middle Income |
|
1 |
$16,050 |
$26,800 |
$42,850 |
$64,250 |
|
2 |
$18,350 |
$30,600 |
$48,950 |
$73,450 |
|
3 |
$20,650 |
$34,450 |
$55,100 |
$82,600 |
|
4 |
$22,950 |
$38,250 |
$61,200 |
$91,800 |
|
5 |
$24,800 |
$41,300 |
$66,100 |
$99,150 |
|
6 |
$26,600 |
$44,350 |
$71,000 |
$106,500 |
|
7 |
$28,450 |
$47,450 |
$75,900 |
$113,850 |
|
8 |
$30,300 |
$50,500 |
$80,800 |
$121,200 |
Effective
March 19, 2009 – Established by Federal Guidelines – Subject to Change
Please call (954) 724-7065
for information about the application.
As soon as your application is returned with all copies of the
required documentation, it will be reviewed for eligibility.
You must be pre-qualified for a first mortgage prior
to submitting your application for this program.