NEIGHBORHOOD STABILIZATION PROGRAM (NSP)
HOME PURCHASE ASSISTANCE
The city of St. Petersburg Housing and Community Development Department offers loans to eligible borrowers, who wish to purchase and occupy a home for sale through the Neighborhood Stabilization Program (NSP) to financially assist with the down payment and associated closing costs.
The city's Home Buyer Assistance Program loan amount and repayment schedule is based on the applicant's percent (%) of Median Family Income (MFI) as follows:
Assistance to Households with Income Levels at or Below 80% MFI
All eligible home buyers purchasing a home, offered through the Neighborhood Stabilization Program (NSP), whose total household income does not exceed 80% of the Median Family Income (MFI) may be apply for a $12,000 down payment and closing cost assistance loan that is forgiven after 15 years of residency. The home owner must reside in the property as their primary homestead for the entire 15 year term before forgiveness will apply. Should the home owner vacate the property and no longer reside in the home, the entire principal amount ($12,000) of the assistance loan will then become due and payable to the city of St. Petersburg and no forgiveness will occur.
Assistance to Households with Income Levels Exceeding 80% MFI & Less than 120% MFI
All eligible home buyers purchasing an NSP home, whose total income is at 120% MFI may apply for a $6,000 10 year amortizing loan with monthly payments of $50.00
Additional Assistance to Households with Income Levels Between 50% and 80% MFI
Home buyers whose total household income is between 50% and 80% MFI may be eligible for an additional $8,000 down payment and closing cost assistance loan, amortized over a 10 year term with monthly payments of $66.67.
Additional Assistance to Households with Income Levels at or Below 50% MFI
Home buyers whose total household income is under 50% MFI may be eligible for an additional $10,000 down payment and closing cost assistance loan, amortized over a 15 year term with monthly payments of $55.56.
Should the home owner vacate the property and no longer reside in the home, the entire remaining principal amount of the amortizing assistance loan will then become due and payable to the city of St. Petersburg at the time the borrower has left the home.
MEDIAN FAMILY INCOME (MFI) is annually defined by the U.S. Department of Housing and Urban Development (HUD) and is established specifically to the geographic area of St. Petersburg. The MFI adjusts according to the number of occupants, related or not, that occupy the home.
FISCAL YEAR 2010-Effective June 1, 2010
|
NUMBER OF PEOPLE PER HOUSEHOLD |
50% of |
80% of |
120% of |
|
Median |
Median |
Median | |
|
1 |
$20,800 |
$33,250 |
$49,920 |
|
2 |
$23,800 |
$38,000 |
$57,120 |
|
3 |
$26,750 |
$42,750 |
$64,200 |
|
4 |
$29,700 |
$47,500 |
$71,280 |
|
5 |
$32,100 |
$51,300 |
$77,040 |
|
6 |
$34,500 |
$55,100 |
$82,800 |
|
7 |
$36,850 |
$58,900 |
$88,440 |
|
8 |
$39,250 |
$62,700 |
$94,200 |
For information regarding the application process, financing and the educational requirements please visit our web-page: