$6 billion available for the Neighborhood Stabilization Program
The government wants lenders to sell off repossessed homes quickly and it’s lowering buying costs to get the deals done.
“…In the Charleston, S.C., area, the Lowcountry Housing Trust, a non-profit organization, has $7.4 million to acquire and redevelop about 70 properties. The agency will issue affordable mortgages for these homes and also sell them under lease-to-own arrangements. In that scenario, buyers pay regular monthly rents that are applied to their purchase prices once they obtain financing…”