Long Beach Neighborhood Stabilization Program - NSP2

The American Reinvestment and Recovery Act of 2009 - ARRA signed by President Barack Obama created the Neighborhood Stabilization Program 2 (NSP2). The purpose of the Neighborhood Stabilization Program 2 (NSP2) is to promote neighborhood stabilization through increased home ownership opportunities, principally for the benefit of persons and households of low-,middle-, and moderate income.

The neighborhoods selected were chosen for their strategic importance to Long Beach, including their proximity to jobs, commercial services, public transportation, and local neighborhood anchors. The objective over three years is to position these neighborhoods to compete for private investment in housing and jobs in the decade ahead to begin rebuilding our residential and neighborhood infrastructure.

Proceeds may only be used toward the purchase of a vacant, foreclosed, single-family residence located within a qualifying NSP2 area. Short Sales will be eligible provided that the seller is 60 days or more deliquent on their mortgage.

There are certain requirements that a NSP2 borrower must pass in order to be considered for this type of support.

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For more information about the NSP2 Program give 21st Century Home Loan a call today at (562) 984-6280 for more information.