September 3, 2009 – (RealEstateRama) — Abla Zumot Najjar was recognized today as the first Phoenix homebuyer to purchase a foreclosed single family home through the city of Phoenix Neighborhood Stabilization Program (NSP) Homeownership Assistance. She used a $15,000 loan from the program for down payment and closing cost assistance.
In March, the city received a $39.4 million federal grant to help stabilize neighborhoods that have been hard hit by foreclosures. Out of the NSP grant, $3.2 million is allocated to Homeownership Assistance. The remaining funds will go toward other programs that help neighborhood rebuilding, such as acquisition and rehabilitation of foreclosed properties including multifamily apartment communities.
“This is another heartwarming example demonstrating that all our hard work in Washington is paying off in ways that truly matter. This program provides families an opportunity to purchase affordable housing and helps to stabilize our neighborhoods,” said Mayor Phil Gordon.
Najjar successfully completed eight hours of Homeownership Education counseling and a two-hour one-on-one Credit Assessment counseling requirement. The property will be her primary residence and the full amount of the loan will not have to be repaid to the city until the home is either sold or the loan refinanced.
“One of my co-workers told me about the program, and I learned more about it on the city’s Web site,” said Najjar. “I wanted to take advantage of the program to help lower my monthly payments and make homeownership more affordable.”
To date, approximately 60 people have qualified for the funding and are searching for a home. The NSP assistance will provide homeownership opportunities to 188 people. The program targets foreclosed single family homes, townhouses and condominiums. The homes must meet the U.S. Department of Housing and Urban Development Housing Quality Standards or FHA standards.
For more information, visit phoenix.gov/nsphome or call the program information line at 602-262-6602.
Marcie Colpas 602-262-6164