Up to $55,000 Available for Homeowners
The Home Improvement Program (HIP) provides eligible buyers up to $55,000 in NSP funding to assist with down payment, closing costs, and to make necessary repairs/improvements to a foreclosed home. This program is available to buyers who select a foreclosed home in specific ZIP codes.
A breakdown of the $55,000 loan is as follows:
- $15,000 is an interest-free, no monthly payment loan that is forgivable and declines over a 15-year timeframe. If the owner sells the home, refinances or no longer occupies the residence prior to 15 years, the remaining balance of the loan will be due.
- Up to $40,000 is an interest-free, no monthly payment loan that is forgivable and declines over a 15-year timeframe. The loan will be used to address necessary improvements and repairs to the foreclosed home.
As an added benefit to buyers participating in this program, participants are paired with an experienced NSP community-based contractor to provide oversight of the home improvement project. The contractor will outline the needed repairs/improvements and will coordinate and co-manage the construction project alongside the buyer.
The improvements/repairs will address health and safety issues, add curb appeal and energy efficiency features to the home.
Home Improvement Program Buyer's Guide and Checklist
An Energy Star Plus washer and dryer are included when you purchase a home located within the Special Interest Areas.
View specific ZIP codes applicable to this program
Limited-time Special Incentive: Energy Star Plus Kitchen Appliance Replacement Package applicable to eligible buyers who enter into a purchase contract by January 31, 2012. The incentive will replace pre-existing kitchen appliances included in the original design, such as: refrigerator, range, dishwasher and microwave when applicable.
For example: If the home’s original kitchen design included a refrigerator, range and microwave, but was not designed to include a dishwasher, the Appliance Replacement Package would include a new Energy Star Plus refrigerator, range and microwave.
Please note: the kitchen appliances included in the limited-time special offer are in addition to the down payment and rehabilitation funds.
To learn about other Homeownership Program options or eligibility criteria, call 602-262-6602 or by e-mail at nsphome@phoenix.gov.