Our Neighborhood Stabilization Efforts
The U.S. Department of Housing and Urban Development (HUD) Neighborhood Stabilization Program (NSP) provides grants to state and local governments, to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. These funds are provided through the Community Development Block Grant Program under Title III of the Housing and Economic Recovery Act of 2008. The funds can be used to purchase and redevelop foreclosed homes, thus stabilizing communities and preventing neighborhood decline. The City of Antioch was awarded over $4 million in NSP funds. Antioch has partnered with three non-profit developers; Habitat for Humanity East Bay and Heart and Hands of Compassion are acquiring, rehabilitating and selling homes to qualified buyers; Satellite Housing, Inc. is constructing affordable rental apartments for seniors. All projects are located within Antioch’s priority neighborhoods. The newly renovated homes include energy efficient appliances and are sold in excellent move in condition.
Antioch’s Affordability Requirements
For the past several years, the City has contracted with the Bay Area Home Buyer Agency (BAHBA) to provide down payment assistance and homebuyer counseling to qualified first time homebuyers. These loans are available on a first come, first served basis and can be used in some cases with the purchase of an NSP home or other property in Antioch. Loans are considered a “silent second” which means that while there is an interest rate on the loan, no payments are made during the term of the loan. This helps bring down your overall monthly payment, making the home more affordable. These loans include a concept called “equity share” which means if you sell your home in the future, and the home has appreciated in value, you will share a portion of the financial gain with the City. For more information on the Down Payment Assistance Program, please reference the link and contact information provided.