City of Dallas Neighborhood Stabilization 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.
The Department of Housing and Urban Development (HUD)’s NSP provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes. The program is authorized under Title III of the Housing and Economic Recovery Act of 2008.
The City of Dallas’ NSP is administered by the Housing/Community Services Department. (All files on this page are Adobe PDF, unless otherwise noted.)
Housing/Community Services Department Development
The City of Dallas (City) provides various forms of financial assistance to non-profit and for-profit developers in support of producing single-family and multifamily affordable housing. Financing can be in the form of a grant or loan, with or without repayment terms and both federal and non federal funds. Depending upon the funding sources, financing can be applied to:
- Land Acquisition
- Pre-development Costs
- New Construction Subsidy
- Construction Gap-Financing
- Acquisition Rehabilitation
- Housing Rehabilitation
The Housing Department reviews project proposals on a case-by-case basis depending upon available funding. For a list of items required to submit a proposal package, please click Project Packet Document Checklist
Housing/Community Services Department Home Buyer Assistance Program
City Wide Program
Funds are available to first-time homebuyers at 80% (or less) of AMFI for principal reduction, down payment, and closing costs assistance up to $12,000. The program also provides a grant of up to $1,500.00 for Minimum Housing Standards repairs.
A first-time home buyer is defined as someone who has not owned a home in three years. Under first-time home buyer programs, single parents and displaced homemakers automatically are considered first-time homebuyers.
CHDO Homebuyer Assistance Program
Funds are available to homebuyers at 80% (or less) of AMFI for principal reduction, down payment, and closing costs assistance up to $25,000 to purchase a home that is constructed by a CHDO.
To apply, go to http://www.enterprisecommunity.org/local_work/dallas/
To contact a loan expert, use the contact form to the right or call (800) 308-8503.