The Community and Economic Development Department plans to apply for a 2008 Neighborhood Stabilization Program (NSP), Community Development Block Grant from the North Carolina Department of Commerce’s Division of Community Assistance in partnership with the City of Winston-Salem.

The grant amount of $5,250,000 will be used to provide homeownership training, down payment assistance, closing cost and rehabilitation for foreclosed or abandoned homes purchased by households with incomes at or below 120% of median household income. NSP funds will also be used to help finance the acquisition of vacant, foreclosed lots by qualified non-profit affordable housing providers who intend to construct rental or for purchase residential properties.

The NSP is intended to reduce blight, rehabilitate abandoned and foreclosed properties, provide affordable housing for buyers and renters, and stimulate the local real estate market.

For more information on the Neighborhood Stabliziation Program and to apply, click here.