HUD's new Neighborhood Stabilization Program

(NSP) provides targeted emergency assistance to state and local governments to acquire and repair foreclosed properties that might otherwise become sources of abandonment and blight.

The City of Stockton is proposing to use $12.1 million of NSP funds that have been allocated by HUD to acquire and repair foreclosed residences; to offer downpayment and closing cost assistance to low- to moderate-income homebuyers; and to demolish blighted structures. HUD set income maximum at 120 percent of area median income.  In Stockton, that means $73,600 for a family of four.

The Neighborhood Stabilization Program also seeks to protect future homebuyers by requiring that new homebuyers using this program obtain a mortgage loan from a lender who agrees to comply with sound lending practices.

Link to HUD's Neighborhood Stabilization Program

Link to Neighborhood Stabilization Program Fact Sheet (English)

Link to Neighborhood Stabilization Program

Fact Sheet (Spanish)

(These documents are in PDF format. If you do not have Acrobat Reader, you may download the free version, click here )

NSP Down Payment Assistance Program

In conjunction with the Neighborhood Stabilization Program (NSP), the City will provide financial assitance to qualified homebuyers to help with down payment costs. Basic terms of the program include:

Income Limit: 120% of area median income

Loan Amount: Maximum 5% of purchase price, plus closing costs

Homeowner Investment: Minimum of 1.5% of purchase price

Interest Rate: 3% year 1-15, 0% year 16-30

Loan Term: Deferred, 30 years

Eligibility: Residency or employment within the City of Stockton for a minimum of one year.

Income Limit Chart, click here

For information on the City's standard DAP Program, click here

For more information contact:

City of Stockton Revitalization Department

Housing Division

425 N. El Dorado Street, Third Floor

Stockton CA, 95202

Phone (209) 937-8539

Fax (209) 937-5099