About the Neighborhood Stabilization Program (Back)

The Neighborhood Stabilization Program (NSP) will address the negative ramifications of the housing foreclosure crisis that occurred over the past five years whereby entire neighborhoods are becoming vacant and abandoned.

Northwest Georgia Regional Commission (NWRGC) received $6.4 million from the Georgia Department of Community Affairs that will be distributed among 10 counties which include (Bartow, Catoosa, Chattooga, Dade, Floyd, Gordon, Haralson, Paulding, Polk, Walker).

Cobb Housing, Inc. is contracted as the Asset Manager – Developer whereby we will acquire eligible foreclosed properties, rehabilitate those properties, provide a minimum of eight (8) hours of HUD approved housing counseling, and administer down payment assistance for NSP purchasers. All NSP properties will be developed to CHI’s GreenBuilding Standards which include sustainable and environmentally friendly building materials. CHI will also utilize GreenBuilding techniques to enhance indoor air quality and to reduce monthly utility bills.

Eligibility Requirements

• Be a U.S. citizen or a qualified alien
• Family household income below 120 percent of the Area Median Income (see chart)
• Qualify for a first mortgage
• Attend eight (8) hours of HUD approved housing counseling
• Home must be primary residence

Homebuyers cannot receive assistance directly from HUD. NSP funds can be used to help homebuyers purchase homes, but they must contact Community Housing Initiatives or CLICK HERE to download the application and begin the process. NSP operates on a national scale, but participation requirements may differ from one state or city to another. For information on how you may purchase a home with NSP assistance please contact us at 770-429-4400.