Neighborhood Stabilization Program (NSP1)
Not a low income family? Don't worry. The City of Lynwood has a moderate income housing program. The city purchased four homes with the NSP1 grant and is in the process of rehabilitating the homes and reselling them to moderate income families. Moderate income families of all professions, such as teachers, nurses, paralegals, and other professionals should take advantage of this opportunity. For more information about the NSP1 program or about purchasing one of the homes, please call 310-603-0220 ext.258 or 601 or email rgomez@lynwood.ca.us or strejo@lynwood.ca.us
Background
Congress allocated $3.92 billion for NSP1 to States and units of local government with the greatest needs based on home foreclosures, homes financed by a subprime mortgage related loan and homes in default or delinquent. The goal of NSP1 is to address abandoned and foreclosed properties throughout the United States. The State of California received $145 million from the Federal government (HUD) authorized under Title III, Section B, of the Housing and Economic Recovery Act of 2008 (HR 3221). The grant is administered by the California Department of Housing and Community Development (HCD). HCD created a secondary funding process that will distribute funds to cities based upon joint agreements or to their counties.
On July 29, 2009 HCD announced that the Cities of Lynwood and Carson (“Cities”) were recipients of the NSP1 Award. On September 17, 2009 the Cities were sent formal notification of approval of the application. As proposed, the City of Lynwood, in collaboration with the City of Carson, will use NSP1 funds to acquire, rehabilitate, and resell foreclosed and abandoned homes in designated target areas. Buyers must be low-, moderate- or middle-income households with incomes at or below 120% of area median income (LMMI). The City of Lynwood was awarded $916,161. Funding will assist the Lynwood Redevelopment Agency in their mission to remove blight and provide affordable housing.
NSP1 Documents
Purchased Properties:
CLICK HERE
Property Map:
CLICK HERE
Homebuyer Application:
CLICK HERE
NSP1 Video Previews
11400 Elm Street (Property Sold) REHAB PREVIEW:
CLICK HERE
4020 Virginia Street REHAB PREVIEW:
CLICK HERE
3238 Euclid Street REHAB PREVIEW:
CLICK HERE
4547 Cardwell Street (Property Sold) COMPLETED PREVIEW:
CLICK HERE