NHSKC Kicks-Off Neighborhood Stabilization Program

Neighborhood Housing Services of Kansas City Kicks-Off Neighborhood Stabilization Program

For Immediate Release
October 21, 2009

Neighborhood Housing Services of Kansas City Inc., (NHSKC) in partnership with the Economic Development Corporation of Kansas City (EDC) has begun the first Neighborhood Stabilization Program project in Kansas City.

Working with $7.3 million provided through the City of Kansas City, Missouri, the NSP will help NHSKC acquire, rehabilitate, and resell foreclosed properties to pre-approved buyers. This stimulus-funded program is designed to rebuild and sustain neighborhoods in Kansas City.

"We are very pleased that these projects are beginning," said Sharon Sanders Brooks, Chair of the Kansas City Council Housing Committee. "This is exactly how stimulus money is supposed to work; find a home, find a buyer, repair the home using local labor and get money moving in the economy. I am especially happy that the first person to take advantage of this program is a City of Kansas City Employee."

"It is a great opportunity for a lot of people who are looking for a home," stated Mark Stalsworth, President/CEO of Neighborhood Housing Services, the developer of the first property. "Pre-approved qualified buyers will be able to select the bank-owned property to be purchased and rehabilitated. The homes will receive energy upgrades to make them more efficient."

Neighborhood Housing Services is a Socially Responsible lender serving all sections of the Kansas City, Missouri metro. For more information on being pre-approved for a loan, please contact Marquetta Broome at 816-822-7703 ext. 212, mbroomevisor@nhsofkcmo.org, or visit the Looking to Buy page on our website.

This program is available to households earning up to 120% of Area Median Income ($84,450 for a four-person household). Down payment and closing cost assistance in the form of a forgivable loan equal to 20% of the sales price of the property ($20,000 maximum subsidy). For a list of incomes by household size, please visit the Neighborhood Stabilization Program page.

To be eligible, homes must be located within designated target areas, which are generally located in the 2nd, 3rd, 4th, 5th, and 6th City Council Districts. A list of all 78 eligible census tracts may be found onthe Neighborhood Stabilization Program page.

All eligible households must complete an eight-hour homebuyer education class, which will be available through Neighborhood Housing Services. For information on homebuyer education, please call the NHSKC Homebuyer Education Registration line, at 816-822-7703 Ext. 225, or visit the Educational Classes page.

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