Total funds available come in at around five billion dollars. An additional fifty million dollars will go towards the technical aspect of getting the new programs up and functioning. In order to participate , prospective buyer's total household income cannot be more than 120% of the median income level. Twenty five percent of available funds is earmarked for families which earn less than one half of the median income.
Only communities which have the highest occurrence of subprime loans and foreclosures, and properties purchased must be used as the buyer's primary residence. A lease-to-own program will also be rolled out.
Introduced in the summer of 2008, the Neighborhood Stabilization Program has been slow to roll out due the large volume of paperwork involved, which has caused confusion in many troubled communities in need of assistance.
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