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Roseville, Calif.- The City of Roseville was recently awarded $1.3 million through the State-administered Neighborhood Stabilization Program (NSP). These federal funds were made available through the Housing & Economic Recovery Act of 2008. The intent of this special funding opportunity is for jurisdictions to assist income-qualified purchasers in the acquisition of bank-owned homes.

The City is currently soliciting interested first-time home buyers (which means you have not owned a home in the past three years) to complete an interest form which is located online.

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To qualify for the City’s down payment assistance in order to purchase a bank owned home, households need to earn less than 80 percent of the area median income, adjusted for household size. For example the maximum income for a 2 person household is $46,600 and 4 person household is $58,250. With the recently approved extension of the $8,000 federal income tax credit for homebuyers, and the city’s down payment assistance program, this could be a great opportunity for those who apply now and purchase homes early in 2010.

After interested households have submitted an interest form for the program to the Housing Division Office, located at 311 Vernon Street, Roseville, CA 95678, a full application will be mailed to the pre-applicant, in order to be placed on the waiting list for the NSP First Time Home Buyer program.

The City designed program will assist with a zero percent, shared equity loan, up to a maximum of $60,000 in assistance. The loan does not require monthly payments and is not due and payable until sale of the home.  Homes acquired under this program are restricted to only bank-owned homes, located in six census tracts within the city limits, which are:

209.01 (Cherry Glen/Theiles Manor),
209.02 (Hilltop Circle/Vineyard/Roseville Heights)
208.00 (Folsom Road/Hillcrest/Cresthaven)
210.08 (Los Cerritos/Kaseberg-Kingswood)
210.04 (Highland Reserve), and
210.03 (Sierra Vista/Enwood/Diamond Oaks/Harding/Galleria/Creekside).

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