The Gwinnett County Neighborhood Stabilization Program (NSP) was created to help slow the decline of neighborhoods where housing values and conditions are deteriorating due to the presence of foreclosed homes.

A second objective of the NSP is to provide affordable housing to eligible low, moderate, and middle income homebuyers. To address the foreclosure problem, the County will use NSP funds to purchase vacant foreclosed homes in targeted Census Tract Block Groups, make necessary repairs on the homes, and resell the houses to new homebuyers. Federal law prohibits the Gwinnett County from providing foreclosure prevention assistance from NSP funds.

The County has received approximately $10.5 million from the United States Department of Housing and Urban Development (HUD) and approximately $3 million of HUD NSP funds from the Georgia Department of Community Affairs (DCA) for this program.

Through NSP, foreclosed homes have been purchased, updated, and improved to provide excellent homes.  Depending on the condition of the home, new carpet, heating and coolinng systems updated kitchens and baths, exterior and interior painting, new landscaping and use of energy saving materials are just osme of the improvements being made. 

 HOW IT WORKS

Downpayment and closing cost assistance is available.  Each NSP homebuyer is offered a second mortgage of $22,500 with NO interest and NO payment.  For homebuyers who live in the house 15 years, the loan WILL BE FORGIVEN!  

IF YOUR AGENT DOES NOT KNOW ABOUT THESE PROGRAMS, YOU SHOULD ASK YOURSELF - "AM I USING THE RIGHT AGENT!!"

You Must Fall Into One of the Three Categories Below

• A first time homebuyer (have not owned a home in the last three years

       OR

• Be employed by a government unit or educational or healthcare provider

       OR

• Be a surviving spouse of a military serviceperson or a public protector

       OR

• A single parent

In Addition You Must:

• Qualify for a 30 year, fixed rate mortgage 

      AND

• Complete an eight hour HUD approved homebuyers course

      AND

• Invest one percent of the purchase price towards buying the home

      AND

• Occupy the home as your principal residence

      AND

• Meet the income limits below

Under GWINNETT COUNTY's NSP Program, only certain houses are available for the program.  Every county program is different