Riverside County Down Payment Assistance Program - Funds Available!

According to www.rivecoeda.org, there are now new funds for down payment assistance and other activities.  These funds have been available since March 17th, 2009 and will be available until they are exhausted.  Keep reading to see if any of these assistance programs apply to you or click here to go to www.rivcoeda.org for more details.

"In response to the drastic increase in foreclosures and the impact of the subprime lending environment on housing, Congress authorized the Neighborhood Stabilization Program (NSP) under Title III of the Housing and Economic Recovery Act of 2008. The new entitlement program is provided to currently funded grantees and states of the U.S. Department of Housing and Urban Development (HUD) that receive Community Development Block Grant (CDBG) funds. As a direct recipient of other HUD community development entitlement programs the County of Riverside was awarded $48,567,786 in federal NSP funds.

On March 17, 2009, the Riverside County Economic Development Agency (EDA) is inviting applications for NSP funds for the following NSP activities:

• (NSP-1) Acquistion, Rehabilitation and Resale to First-time Homebuyers. Eligible applicants include public and private non-profit organizations. Allocation: $20,000,000.
  
  
• (NSP-2) Acquistion, Rehabilitation and Rental of Affordable Units. Eligible applicants include public and private non-profit organizations. Allocation: $1,855,000.
  
  
• (NSHP) Neighborhood Stabilization Homeownership Program. Down-payment assistance and home repair to qualified first-time homebuyer families for the purchase of foreclosed homes throughout Riverside County in designated Target Areas. Allocation: $9,700,000.
  
  
• (NSP-4) Acquisition, and Rehabilitation of Foreclosed and Vacant Multi-Family Properties, or the Construction of New Multi-Family Rental Projects. Eligible applicants include public, private non-profit and for-profit organizations. Allocation: $12,157,000.
  

Applications for funding will be considered on an "over-the-counter" basis until available funds are exhausted. Applications will be accepted from March 17, 2009 until such time that EDA has received what determines to be a sufficient number of applications to reasonably use all currently available funds. EDA will give notice on this site when funds are no longer available."

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