Stabilizing Home Values in Austin
January 20, 2011 by Gail Boston · Leave a Comment
With fully 14% distressed “Solds” in Austin (and that number could grow), there’s a new term to know…Neighborhood Stabilization Program (NSP). This government program is an effort to help stabilize neighborhoods in distress. A foreclosed home can bring down the value of the entire neighborhood, especially with the changed appraisal regulations.
Congress created the multi-billion dollar program to address the housing crisis, create jobs and support local economies. The funds come from the Department of Housing & Urban Development. These HUD NSP grants help state and local governments as well as non-profit developers acquire land and abandoned properties. Down-payment and closing cost assistance to low- to middle-income home buyers is available. Grantees can stabilize neighborhoods by creating “land banks” to assemble, temporarily manage, and dispose of foreclosed homes . NSP provides a means for acquiring quality properties at affordable prices.
Qualified NSP buyers may receive advantages such as: waived earnest money, lengthier contracts with renegotiation clauses, first consideration over speculators and more. With change, there is opportunity. To learn more about the Neighborhood Stabilization Program, go to the official HUD site.
Gail Boston Knows Austin
CLHMS, Million Dollar Guild, ABR, E-Pro Real Estate Internet Professional, Member Institute for Luxury Home Marketing
After growing up locally in Tarrytown and later living in Vienna, London and New York, Gail Boston came back to her favorite place in the world: Austin.
This Austin native and former publisher of Buying, Selling & Owning YOUR HOME will go the extra mile to facilitate every phase of your real estate needs. Whether it’s your primary residence or an investment property, Gail is your “go to” real estate expert. Through partnering and her global and local network of experts, she will guide you through the process with professionalism, attention to detail and knowledge.
Knowledge + focus + energy = results
Her knowledge, focus and energy get results. She has earned a reputation as one of Austin’s most dynamic real estate professionals; successfully serving home buyers and sellers as well as investors and business professionals. Gail has expertise in luxury residential and waterfront, Eanes School district homes, creative commercial spaces, land acquisition and conservation, and the downtown condo market.
Gail is deeply committed to the Austin community and the philosophy of sustainability. She volunteers with Red Cross, Green Gate Farms, Cherrywood Art Fair, Greater Austin Chapter of Families with Children from China, Woodland Reach and more. She enjoys living in West Lake Hills with her husband, daughter and two dachshunds. Besides family, her interests include native plant gardening, hiking, opera, kayaking, fly fishing, cooking, reading and travel.
Contact Gail @ gail@westaustin.com or 512-626-5348
