Nonprofit agencies to assist homeowners with new programs

The Neighborhood Stabilization Program Nonprofit Collaborative consisting of six local nonprofit agencies designated to assist families achieve homeownership will act on recent announcement from Housing and Urban Development Secretary Donavan and Sen. Harry Reid, which will bring $1.3 million in emergency technical assistance to help reverse the effects of foreclosure and abandonment in certain neighborhoods in the city of Las Vegas and Clark County.

Efforts by the Nonprofit Collaborative have received support and commitment from a variety of partnerships, including lenders, real estate professionals, FannieMae and Freddie Mac, for two Neighborhood Stabilization Programs: Acquisition, Rehab, Resale and the Housing Assistance Program.

The Acquisition, Rehab, Resale program allows nonprofit organizations to purchase foreclosed property, provide needed rehabilitation, and then sell a move-in ready home to consumers. Also available is up to $25,000 in down payment assistance that can be used for up to 50 percent of the down payment, all closing costs and principal reduction

The Housing Assistance Program allows nonprofit organizations to provide up to $25,000 in down payment assistance grant funding to new homeowners. The funds can be used for up to 50 percent of the down payment, all closing costs and principal reduction.

The Nonprofit Collaborative members have been administering the programs with no financial assistance and the technical assistance funds being dedicated to the city of Las Vegas and Clark County will serve the Neighborhood Stabilization Program, with a portion of the $1.3 million being dedicated to the Nonprofit Collaborative members.

The Nonprofit Collaborative includes the six agencies selected by the city of Las Vegas and Clark County to administer the Acquisition, Rehab, Resale and Housing Assistance programs including: Consumer Credit Counseling Service, Community Development Programs Center of Nevada, Housing for Nevada, Nevada HAND, Nevada Housing Services of Southern Nevada and Nevada Partners.