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HUD High Performing Agency
First Time Homebuyers
The Neighborhood Stabilization Program (NSP) is funded in whole or in part with funds provided by the U.S Department of Housing and Urban Development (HUD). The $9.4 million federal grant was intended to prevent blight in communities suffering the highest foreclosure rates.
Using NSP funds, the San Diego Housing Commission (SDHC) in 2009-10 helped 55 low- and moderate- income families purchase homes that had fallen into foreclosure. It also rescued a partially completed condominium project and converted it into an affordable apartment complex.
The agency spent approximately $4.5 million helping first-time homebuyers purchase homes in targeted areas from San Ysidro to Miramar within City Council districts 3, 4, 7 and 8. Click here for district maps.
In addition, SDHC allocated $3.6 million from the grant to help finance construction of the Georgia Street apartment complex, which will provide 31 new affordable rental units when it is completed in late 2011.
To qualify for the first-time homebuyer program, applicants were required to have good credit, sufficient income to pay the mortgage, and be able to make a 3 percent down payment. Also, their household income could not exceed 120 percent of the San Diego Area Median Income (AMI). That meant a family of four with household income not exceeding $89,900 annually could qualify.
Those who qualified were eligible for the following assistance:
In addition, first-time homebuyers were able to obtain loans to rehabilitate their property. The rehab loans up to $10,000 can be forgiven after five years; loans from $10,000 to $30,000 can be forgiven after 10 years; and loans greater than $30,000 can be forgiven after 15 years.
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