The Neighborhood Stabilization Program (NSP) is a federal initiative to reduce the distress caused by rampant foreclosures in low-income neighborhoods across the United States. It supports acquisition and rehabilitation of homes out of foreclosure to be sold to qualifying first time buyers.
CHDC is approved by the City of Richmond and County of Contra Costa to implement NSP activities. Using NSP funds and with additional support from private funders, we plan to acquire, rehabilitate, and re-sell 20-30 foreclosed homes in hard-hit neighborhoods such as North Richmond, the Iron Triangle, South Richmond and Parchester Village. As of December 2010 we have acquired a total of 15 units and most are complete or in construction.
As the homes are rehabilitated CHDC markets them at affordable prices to first-time homebuyers with low to moderate incomes. The buyers are required to complete CHDC’s Homebuyer Education Program. All buyers will be approved for sustainable mortgages that allow them to build equity through homeownership. For more information on homes now available, see our Homes For Sale page.