Information on Arlington Neighborhood Stabilization Programs
In 2008, the U.S. Housing and Economic Recovery Act was passed by Congress which set aside nearly four billion dollars in federal money to assist U.S. states and local governments to stabilize neighborhoods that had been hard hit by foreclosures. HUD allocated over $2 million in NSP funding for Arlington, Texas.
In early November, Arlington's city council announced that staff could submit an application to the Housing and Urban Development office so that they could use NSP funds for the following three activities:
1. To set up financing mechanisms which would assist home buyers who were eligible to buy a foreclosed or abandoned home in the city.
2. Purchase and live in foreclosed homes or those that had previously been abandoned in Arlington and to put home up for sale so that qualifying home buyers could purchase them.
3. Buy and tear down run-down, vacant houses so that the property could be redeveloped with NSP grant-eligible activities like building a park or a public facility of some type.
It was specified that any interested home buyer had to meet HUD's income limits. It was also stipulated that Arlington Texas real estate home buyers taking part in the program had to be able to qualify for a mortgage and that they must live in the house as their primary residence for a period of time that was determined by the amount of aide received.
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