A noteworthy nationwide housing program has reached Nassau County—and it’s developing under the auspices of the federal government. It’s called the Neighborhood Stabilization Program, created by the U.S. Department of Housing and Urban Development for the purpose of repopulating neighborhoods hit hard by the foreclosure wave. This program allows first-time homeowners to purchase these foreclosed or abandoned properties, with help from a subsidy of as much as $40,000. Naturally, there are various strings and restrictions attached to the deal—for one thing, buyers must have an income not exceeding 120% of the area median.
This is all happening right now in Nassau County. A couple dozen homes in the region are currently going through the process, and as the program continues it is expected to stimulate the revitalization of several local neighborhoods, among them Elmont, Valley Stream, Freeport, and Uniondale.
Speaking of foreclosure, the Law Office of Ronald D. Weiss has years of experience in helping distressed homeowners. If you’re facing foreclosure and aren’t sure where to turn, call us today for a free consultation.