In September of 2008, the City of Boston was allocated to receive $4.23 million in federal funds from the Department of Housing and Urban Development (HUD) as part of the federal Neighborhood Stabilization Program (NSP), which Congress approved last July with the passage of the “Economic and Housing Recovery Act of 2008.” In the spring of 2009, Boston applied for and received a matching grant of approximately $4 million from the state’s $43 million allocation of these funds through the Department of Housing and Community Development (DHCD).
These funds, which total $8.23 million, are being administered by the City’s Department of Neighborhood Development and will support a variety of new and existing programs related to Boston’s ongoing foreclosure prevention and intervention efforts.
Cash-to-Close LIMITED – A program that offers eligible homebuyers of foreclosed properties within designated areas of the City financial assistance of either $15,000 or $25,000 in the form of a ten-year conditional loan.
Cash-to-Fix SALES – A program that offers homebuyers the opportunity to purchase a City-acquired foreclosed home at an affordable price for which they also receive financial and technical rehab assistance from the Boston Home Center to cover needed renovations before they move in.
Cash-to-Fix – A program that provides rehab funding of up to $50,000 to eligible homebuyers for assistance with needed repairs of 1- to 3-family foreclosed homes and 1- to 6-family foreclosed condominium properties.
E-Newsletter
The NEWS from the HUB newsletter offers a variety of information about the activities and programs of the Department of Neighborhood Development. Sign up for the DND Newsletter Winter 2009 Fall 2008
©2009 The City of Boston