Neighborhood revitalization programs are vital for maintaining property values in any community. A distressed and abandoned property can quickly decrease the value of homes in the neighborhood, a result that was observed during the foreclosure crisis. The City of Rancho Cucamonga has recently partnered with Neighborhood Partnership Housing Services (NPHS) to rehabilitate a distressed foreclosed home in a Rancho Cucamonga neighborhood which will be sold to income-qualified, first-time homebuyers as part of a neighborhood revitalization strategy. This project has been funded by a HUD federal government program called Neighborhood Stabilization Program (NSP), and will offer up to $95,000 as a down payment assistance loan.
The NSP was set up to help cities purchase, rehabilitate and resell foreclosed homes. The Rancho Cucamonga home is the last one to be rehabilitated by this program and will be offered for purchase through a lottery selection process managed by NPHS, a nonprofit affordable housing organization that assists low to moderate income working families achieve homeownership. Interested homebuyers must submit an application to NPHS by November 17th. The program allows up to $95,000 in down payment assistance to help the borrower qualify to purchase the 4 bedroom, two-bath Spinel Avenue home. The sale of the home is listed at $425,000, and will be “sale by owner,” so there will be no commission paid to agents.
Read more about how the partnership between the City of Rancho Cucamonga and NPHS are creating homeownership opportunities for first time homeowners in an article in the Daily Bulletin.