WHAT ARE NSP FUNDS AND HOW CAN THEY BENEFIT YOU??
The Neighborhood Stabilization Plan (NSP) was established to stabilize communities that have suffered foreclosures and abandonment. NSP1 are federal funds that were authorized under the Housing and Economic Recovery Act (HERA) of 2008. It provides monies to all states, yet surprisingly many people are unaware of it and how the funds can be used to help home buyers, banks and our communities.
I am located in Southeast FL, between Miami and Ft. Lauderdale and there are currently 328 lender and NSP approved buyers that MUST purchase vacant REO properties in Pembroke Pines, Miramar & Coral Springs in the next 60 days. Surprisingly there is a shortage of REO properties in these cities where these buyers are ready, willing and able to buy. Pembroke Pines was awarded: $4,398,575, Miramar $9,312,658 and Coral Springs $3,378,000 and that money must be spent to purchase & repair REO properties.
Additionally, on July 6, 2009 the CRA of Florida, who is administering the NSP funds for the above mentioned cities, will re-advertise for the Miramar NSP program, providing even more buyers. Applications will be available to NSP buyers at www.crafla.com on July 7, 2009 and applicants should be getting pre-qualified and previewing REO’s prior to this date.
I have found most agents don’t know about or don’t want to work with NSP buyers because they don’t understand the process and believe it to be too complicated. I can promise you will make buyers dreams come true and make your asset managers very happy as these homes are being sold to owner/occupants who will pay more then investors and truly help to stabilize our neighborhoods.
My next blog will be about NSP homes in Hallandale (located just north of Miami).
Please feel free to email me with any questions or comments.
Ellen M Bithell, CRS (soon to be Five Star Designee)
SELLING SOUTH FLORIDA!