Arlington Neighborhood Stabilization Program

Arlington Neighborhood Stabilization Program

The American Recovery and Reinvestment Act of 2009 (ARRA) has provided a great resource for Arlington homebuyers to both buy a home while simultaneously helping reinvest in the community – the Neighborhood Stabilization Program.

As part of the total of $3.9 Billion of federal funding that was set aside in 2008 to help states and local governments to stabilize areas that were most affected by home foreclosures, Arlington Texas received $2,044.254 from US Department of Housing and Urban Development (HUD) to use for its Neighborhood Stabilization Program.

This program was implemented to help home buyers purchase homes that were foreclosed or in need of rehabilitation. Eligible buyers were more than ready to take advantage of this program since it essentially helped offset some of their costs while they were buying their homes.

Beneficiaries of the program are eligible to receive funds to help pay the down payment, closing costs and rehabilitation expenses on foreclosed homes. In some cases this easily covered thousands of dollars in costs the home buyer would have otherwise had to pay out of pocket during the home buying process.

While there are several criteria home buyers must meet to be eligible for Neighborhood Stabilization Program funds, it is no wonder many home buyers are pursuing this home buying assistance. Some of the requirements involve income levels. The Arlington homes that are eligible under the program must be vacant and must be the primary residence of the home buyer. Many of these Arlington homes are also eligible for funds for improvements to the interior and exterior appearance and functionality of the property being purchased.