361 Market

The Neighborhood Stabilization Program (NSP) is a federal initiative under the Housing & Economic Recovery Act designed to reduce the economic and social distress caused by rampant foreclosures in low-income neighborhoods across the United States. CHDC is approved by the City of Richmond and County of Contra Costa to implement NSP activities. Using NSP funds and with additional support from private funders, we plan to acquire, rehabilitate, and/or re-sell at least 30-50 homes out of foreclosure in hard-hit neighborhoods such as North Richmond, the Iron Triangle, and Parchester Village. CHDC acquired the first such home in December 2009.

After the NSP homes are completed, most will be re-sold immediately at affordable prices to first-time homebuyers with low to moderate incomes. CHDC is also working with the East Bay Community Foundation and lenders to create a lease-purchase program through which qualifying homebuyers, who are not completely purchase-ready, may lease one of these homes with an option to purchase it in the near future. These homebuyers will also complete CHDC's financial fitness class and receive ongoing support to reach their homeownership goal.

All the NSP homebuyers, both direct purchasers and lease-purchasers, will complete CHDC's Homebuyer Education Program. At the time they complete their purchase, all buyers will be approved for sustainable long-term mortgages that allow them to build equity through homeownership.