The Neighborhood Stabilization Program
The Gwinnett County Neighborhood Stabilization Program (NSP) was created to help slow the decline of neighborhoods where housing values and conditions are deteriorating due to the presence of foreclosed homes.
A second objective of the NSP is to provide affordable housing to eligible low, moderate, and middle income homebuyers. To address the foreclosure problem, the County will use NSP funds to purchase vacant foreclosed homes in targeted Census Tract Block Groups, make necessary repairs on the homes, and resell the houses to new homebuyers. Federal law prohibits the County from providing foreclosure prevention assistance from NSP funds.
The County has received approximately $10.5 million from the United States Department of Housing and Urban Development (HUD) and approximately $3 million of HUD NSP funds from the Georgia Department of Community Affairs (DCA) for this program.
Available Homes
Available homes are priced from $70,000 to just under $200,000 and are located throughout Gwinnett County. These previously-foreclosed homes have been purchased, updated, and finished, and are move-in ready; many have never been lived in. Homes may be viewed here.
NSP Financial Assistance
All NSP homebuyers will receive up to $22,500 to assist in purchasing their new home, which may be used to help defray the cost of purchasing the home and/or applied to the first mortgage to reduce the monthly payments. This allows a purchaser to lower the monthly payments or purchase a more expensive home. Two programs are available:
A “soft second” mortgage of $14,500 for five years at zero percent interest rate and no payments with the principal being reduced 20 percent per year, or a “soft second” mortgage of $22,500 for 10 years at zero percent interest rate and no payments, with the principal being reduced 10 percent per year.
In either case, if the house is no longer the homebuyer's primary place of residence, any remaining principal shall be paid to the County.
Buyers must meet certain eligibility requirements. To see if you qualify, visit the Qualifications page.
How to Get Started
Contact a mortgage lender who provides FHA loans or a real estate agent, who will assist you in qualifying for a loan and selecting a home. If you or your agent has any questions, contact NSP at nsp@gwinnett.com or 770.822.5424.
Program Administration Contact Info:
Gwinnett County Community Development Program Office
575 Old Norcross Road, Suite A
Lawrenceville, GA 30045-4367
770-822-5190
Email: nsp@gwinnettcounty.com
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Opportunity Zones
Program Description
Local governments which undertake redevelopment and revitalization efforts in certain older commercial and industrial areas can now qualify those areas for the State's maximum state job tax credit of $3,500 per job. The incentive which is available for new or existing businesses which create two or more jobs care credits which can be taken against the business's income tax liability and state payroll withholding. The credits are available for areas designated by DCA as "Opportunity Zones". DCA will consider designations for areas that are within or adjacent to a census block group with 15% or greater poverty where an enterprise zone or urban redevelopment plan exists.
Opportunity Zone Tax credit Incentives:
* the maximum Job Tax Credit allowed under law - $3,500 per job created
* the lowest job creation threshold of any job tax credit program - 2 jobs
* use of Job Tax Credits against 100 percent of income tax liability and withholding
* expansion of the definition of "business enterprise" to include all businesses of any nature
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IMPACT! Transitional Housing
The IMPACT! Transitional Housing Program helps families who find themselves in a homeless situation tackle the root causes of becoming homeless and work to achieve economic stability. Our caring and experienced professionals help families in a housing crisis move from crisis management to longer-term planning for brighter futures.
We also serve as a resource center for supportive services, partnering with other agencies to help clients locate transportation, employment opportunities, and other necessities to help them get back on their feet. During this time, our advisers help families develop a long-term financial plan to become more self-sufficient. Our caseworkers can also help clients secure furniture, childcare, education, or other support services.
We know this program works! Since the program's inception in 1996, 26 formerly homeless families have done the hard work to become successful home owners! And one more is on the path to sustainable home ownership...stay tuned!
Further information here.
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