The Economic Development Department receives funding from the U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP). The purpose of the Neighborhood Stabilization Program is to stem the decline of neighborhoods and home values by assisting the City in acquiring and rehabilitating abandoned and foreclosed homes for resale to income qualified applicants.
The City of Margate has already rehabilitated over 20 homes with the NSP funds. These funds continue to allow the City to acquire and rehabilitate abandoned and foreclosed homes. The City is continuously in the process of acquiring and rehabilitating more homes for resale with the NSP funds.
Please keep in mind that this program does not offer down payment assistance or pay any part of the closing costs. The prospective home buyer is responsible for obtaining financing with a lender of his or her choice. The Program offers a fully rehabilitated home equipped with all new components such as a roof, A/C, appliances, fixtures, floors, walls, sprinkler systems, and impact resistant windows. The Energy Star rated appliances and impact resistant windows offer energy efficiency. This offers home buyers an opportunity to qualify for a reduction in the buyer’s insurance policy.
Eligibility: In order to qualify for the City of Margate NSP Purchase Program individuals must meet federal income eligibility requirements. This is an income based, not asset based, qualification. Income limits are based on the combined income of all residents in the household. The table below indicates the MAXIMUM allowable income for a family of the listed size.
- The buyer is responsible to secure his/her own lender
- All funds will be secured by a subordinate second mortgage for 15 years
- No seller financing. Buyer is responsible for all closing costs
- Buyer cannot own another property
- Owner occupancy required
Other Program Requirements: If you do meet the income qualifications, the next step would be to set up an appointment and provide the following documents. Please have all documents photocopied and with you on your initial interview.
- Pre-Qualification Letter from the lender of your choice. Applicant must have letter prior to any showing.
- Completed Application Form:
- Proof of number of ALL people living with applicant(s).
- Proof of child support/alimony payments. If court ordered, then provide the State/County file #.
- Six consecutive months of bank statements for checking, savings and all other asset accounts. This includes IRA's, CD's and any investment. If you only receive a quarterly statement for investments, the last quarter's statement is needed.
- Three consecutive pay stubs from all working household members
- Current Social Security/SSI Benefit Statement
- Statements from the following, if applicable: Worker's Compensation, Unemployment benefits (Workforce 1), any Pension or insurance payment.
Additional documentation may be required as we process your application.
Homes for sale: The finished homes will be posted on the City website as they become available. All completed homes will be listed on the MLS and can be shown by a real estate agent of your choice.
Regrettably, because these homes are empty, the City will not release the addresses to the general public.
This program is being administered by the City of Margate Economic Development Department. Please call (954)935-5331 or email email@example.com