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Neighborhood Stabilization Assistance (NSA)
NSA was designed to help market the sale of homes assisted with the federal Neighborhood Stabilization Program (NSP) by helping
homebuyers at or below 80% of area median income (AMI) with down payment and closing costs and improve their eligibility for first mortgage
financing. For every $1 of NSP assistance, FHLBI can provide up to $3 in grant assistance through members, based on need, up to $10,000 per household.
Members may work with homebuyers purchasing a NSP-assisted home directly or through one or more housing organizations.
General Program Elements
Principal residence of homebuyers with incomes at or below 80% of area
median income
Homebuyer must contribute a minimum of $500 of their own cash toward
the purchase of the home
Five-year retention requirement with a prorated recapture of assistance
Homebuyer must complete counseling program required by NSP prior to
purchase of the NSP-assisted home
Updates to the balance of funds for the Homeownership Set-aside Programs will be published weekly.
See "Bulletins"
for updated program notices, application and award info.
> Current Registered Members
> Available funds
Updated: April 12, 2011
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