Loan Assistance Program Aims to Rebuild Neighborhoods with High Number of Foreclosed Homes
The Department of Economic Development has recently given Grand Island the go ahead to use funds from the Neighborhood Stabilization Program for down payment assistance to help bring people into homes that are currently sitting empty.
The Neighborhood Stabilization Program was created to slow the decline of neighborhoods where housing values and conditions are deteriorating due to the presence of foreclosed homes, as well as provide affordable house to low, moderate and middle income homebuyers.
The recently approved funds will be used to assist qualifying homebuyers by providing down payment assistance. The Down Payment Assistance program is a direct, forgivable loan with zero percent interest.
This program is only available to residents purchasing homes within Grand Island city limits and the borrower must stay at the home for 10 years without transferring the title out of his/her name for the loan to be forgiven.
Those interested in participating in the program must meet certain guidelines and turn in an application. Applications are accepted on a first come, first serve basis, and must be in by October 1. For more information on who qualifies or to fill out an application, go to www.grand-island.com/downpayment.