On June 25, 2009 Gwinnett County announced its Neighborhood Stabilization Program (GCNSP) to a group of REALTORS and Mortgage Professionals. The GCNSP is a program to purchase foreclosed homes of sub-standard condition then rehabilitate and return those homes to market with the hope of stabilizing Gwinnett County home values. Additionally, the program will provide affordability assistance to potential buyers by way of homebuyer counseling, down payment assistance and a “forgivable” second mortgage. Under the program, homes will be available to low, moderate and middle income home buyers.
The GCNSP will receive funding from a July 2008 program of grants to local and state governments, enacted by Congress. Gwinnett County has been allotted $13,512,054 towards the program, of which $10 million is from HUD with the remaining portion from the State. This pre-TARP program is expected to have 100 homes rehabilitated and under contract by September 5, 2010, and provide the same results for Continue reading