The City of Margate 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 stabilize communities that have suffered from foreclosures and abandonment.
The NSP funds assist the City of Margate in acquiring and rehabilitating abandoned and foreclosed homes. To date, the City has rehabilitated over 20 homes, and is continuously in the process of acquiring and rehabilitating more homes for resale to income qualified applicants.
The Program offers fully rehabilitated homes equipped with all new components such as roofs, A/Cs, appliances, fixtures, floors, walls, sprinkler systems, and impact resistant windows. The Energy Star rated appliances and impact resistant windows allow for greater energy efficiency in the home. This gives 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.
If you meet these income qualifications, the next step would be to set up an appointment and provide the documents listed on the Application Requirements Handout.
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.
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. If you have any questions please contact Grants Manager Kim Liakos at (954)935-5331 or email@example.com.