Neighborhood Stabilization Program (NSP)
Higgins & Welch Real Estate, Inc offers completely renovated homes throughout the City of Philadelphia by working with talented and experienced NSP developers approved by the Redevelopment Authority of the City of Philadelphia.
NSP Homes are affordable and attractive for persons and families seeking to live in Philadelphia. These newly renovated energy efficient homes are available in neighborhoods across the city. They are a terrific value and offered at an amazing price. All homes are ready to move in with brand new systems, energy star appliances and upgraded kitchens and baths. These homes are increasing the value in their respective neighborhoods.
Click here of for a full list of homes through the Neighborhood Stabilization Program
The City of Philadelphia’s Neighborhood Stabilization Program (NSP) is an innovative opportunity to turn vacant, foreclosed properties into owner occupied dwellings. The City has received funds from The U.S. Department of Housing and Urban Development (HUD) to support this effort, which are managed by the Redevelopment Authority of the City of Philadelphia (RDA).
Philadelphia’s NSP focuses on select neighborhoods throughout the City. These neighborhoods were identified by the City’s Office of Housing and Community Development through a comprehensive process taking into account historic foreclosure data, indications of predatory lending, and the impact of vacant foreclosed homes on the value of residences in the surrounding neighborhoods.
The NSP compliments other initiatives focused on the foreclosure crisis. The City’s first priority is to prevent foreclosure by encouraging residents to participate in the Mortgage Foreclosure Prevention Program. The NSP works with properties that become vacant due to foreclosure. All buyers of NSP homes will also complete eight hours of mortgage counseling.
The RDA partners with reputable and experienced builders and developers to renovate their housing. The Neighborhood Stabilization Program is an excellent opportunity for first time homebuyers to obtain the dream of home ownership.
Click here for more information on the program.
How to Buy an NSP Home
Because NSP is a federally funded program there are specific requirements to follow, but the process is not much different than that of buying any other house. You do not have be a first-time home buyer to take advantage of this opportunity. The guidelines are below.
An NSP home must be your principal place of residence.
NSP homes are targeted to homebuyers earning up to 120 percent of Philadelphia’s Area Median Income (AMI). This means many people are eligible to buy an NSP home. Please call today for the most current eligible income limits
Prior to your purchase, you will need to attend eight hours of housing counseling with a HUD-certified housing counseling agency of your choice. A housing counselor helps you with all the necessary paperwork and works with you to obtain a mortgage to purchase the home.
Agreement to NSP Terms
Certain terms and conditions come with the purchase of an NSP house. These include accepting a “soft second mortgage” and deed restrictions for a term of up to 15 years. The soft second mortgage documents the difference between the total cost of renovation and the sales price you are paying. No payments are required and at the end of the term the soft second mortgage will be eliminated.
If you sell the house before the end of the term, you will need to sell the home to a homebuyer who meets the same income guidelines you did. This ensures that future households have the same opportunity to purchase an NSP home.
Please call us today to discuss purchasing one our NSP homes.