| Cobb NSP News |
About the Program
Congress created the Neighborhood Stabilization Program [NSP] to help cities, counties and states deal with community problems that are the result of the mortgage foreclosure crisis in the nation. HUD appropriated $3.92 billion in grant funds to about 250 local governments (cities and counties) and all 50 states. NSP provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The goal is to stabilize neighborhoods and stem the decline of home values.
NSP1, a term that references the NSP funds authorized under Division B, Title III of the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments.
During this first round of NSP grant funding, Cobb County received approximately $6.9 million from HUD and $1.9 million from Georgia Department of Community Affairs to acquire and redevelop foreclosed residential real estate in Cobb County’s areas of greatest need.
See Cobb County NSP1 Priority Areas.gif)
for more information
NSP3, a term that references the NSP funds authorized under the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010, provides a third round of neighborhood stabilization grants to all states and select governments.
During this third round of NSP grant funding, Cobb County received approximately $2.4 million from HUD and $1.3 million from Georgia Department of Community Affairs to acquire and redevelop foreclosed residential real estate in Cobb County’s areas of greatest need.
See Cobb County NSP3 Priority Areas for more information
Benefits of the program
Cobb County’s Neighborhood Stabilization Program is committed to helping workforce individuals and families realize the dream of homeownership. To accomplish the goals of the program, Cobb County will purchase vacant, foreclosed residential real estate in areas of greatest need, rehabilitate and sell these homes to buyers who are eligible to participate in our program.
Buyers will benefit in the following ways:
In order to be eligible to participate in the Neighborhood Stabilization Program, you must:
If you are interested in participating in the Cobb County NSP, please go to our Application Process webpage, which details our easy 4-step eligibility process.
Congress created the Neighborhood Stabilization Program [NSP] to help cities, counties and states deal with community problems that are the result of the mortgage foreclosure crisis in the nation. HUD appropriated $3.92 billion in grant funds to about 250 local governments (cities and counties) and all 50 states. NSP provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The goal is to stabilize neighborhoods and stem the decline of home values.
NSP1, a term that references the NSP funds authorized under Division B, Title III of the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments.
During this first round of NSP grant funding, Cobb County received approximately $6.9 million from HUD and $1.9 million from Georgia Department of Community Affairs to acquire and redevelop foreclosed residential real estate in Cobb County’s areas of greatest need.
See Cobb County NSP1 Priority Areas
for more information NSP3, a term that references the NSP funds authorized under the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010, provides a third round of neighborhood stabilization grants to all states and select governments.
During this third round of NSP grant funding, Cobb County received approximately $2.4 million from HUD and $1.3 million from Georgia Department of Community Affairs to acquire and redevelop foreclosed residential real estate in Cobb County’s areas of greatest need.
See Cobb County NSP3 Priority Areas
for more information Benefits of the program
Cobb County’s Neighborhood Stabilization Program is committed to helping workforce individuals and families realize the dream of homeownership. To accomplish the goals of the program, Cobb County will purchase vacant, foreclosed residential real estate in areas of greatest need, rehabilitate and sell these homes to buyers who are eligible to participate in our program.
Buyers will benefit in the following ways:
- “Move-in” ready home
- Down payment and closing costs assistance *
- Forgivable second mortgage for gap financing - Income Eligibility Requirement & Needs Based *
- Homeownership education
* Restrictions Apply & funding assistance has a 15-year note
In order to be eligible to participate in the Neighborhood Stabilization Program, you must:
- Be a U.S. citizen, qualified alien or a non-immigrant
- Be able to qualify for a mortgage
- Attend an 8-hour HUD homebuyer education class
- Home must be your primary residence
- Meet income qualifications
Family Size |
Maximum Income* |
1 |
$58,200 |
2 |
$66,550 |
3 |
$74,850 |
4 |
$83,150 |
5 |
$89,800 |
6 |
$96,450 |
7 |
$103,100 |
8 |
$109,750 |
Effective 12/01/2011 |
|
See Full Income Limits Chart
If you are interested in participating in the Cobb County NSP, please go to our Application Process webpage, which details our easy 4-step eligibility process.