Neighborhood Stabilization Program

By Jennifer Srock

Pinal County has received funds that must be used to assist in the redevelopment of abandoned and foreclosed homes. The specific neighborhoods chosen are known as “areas of greatest need”. These neighborhoods have been and continue to be damaged by the economic effects of properties abandoned or foreclosed.

Pinal County has determined the most effective way to utilize these funds is to assist the home buyers that purchase such homes in these target neighborhoods to live in them as their primary residence full time. This incentive comes in the form of either down payment assistance, closing cost assistance, or rehabilitation assistance. You MUST qualify for not only the program, but also a mortgage loan with an NSP approved lender. You may qualify for one and not the other so, be sure you are qualified for both before you find a home to put an offer on.

Click just below to apply online with an NSP approved lender.

• Down Payment Assistance – Equal to 20% of the property purchase price.

Buyers may acquire financing through an NSP approved lender of their choice. Qualifying ratios shall not exceed 31/43. 31= housing expenses/43= total debt. All buyer MUST contribute 1% of the purchase price or $1,000 from their own funds.

• Closing Cost Assistance – Up to $5,000.

Households with income below 80% of the County median income shall also receive up to $5,000 toward closing costs to include Home Inspection but not Home Warranty.

• Rehabilitation Assistance – Up to $25,000

The actual amount of rehabilitation assistance will be brought into compliance based on a pre-purchase inspection, work write-up, and cost estimate in accordance with the County Rehabilitation Standards.

Below are Casa Grande Homes Located In Areas That May Qualify For Assistance

(All short sales are shown but, only short sales that are delinquent for 90+ days qualify)

Down payment funds are secured by a promissory note and deed of trust executed by the county. Down payment assistance is NOT a loan. However, repayment of the entire amount of down payment assistance shall be required upon resale or noncompliance of any terms during the affordability period.

Closing cost funds are secured by a promissory note and deed of trust executed by the county. Closing cost assistance is NOT a loan. However, repayment of the entire amount of down payment assistance shall be required upon resale or noncompliance of any terms during the affordability period.

Rehabilitation assistance shall be in the form of a 0% forgivable loan, secured by a promissory note and deed of trust executed by the county. Repayment of the entire amount of down payment assistance shall be required upon resale or noncompliance of any terms during the affordability period.

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