Neighborhood Stabilization Program

Citrus County Community Services is using $3.9 million in Neighborhood Stabilization Program funds to help get foreclosed homes back on the tax roll. The program is to get moderate and low income buyers into the homes after they are purchased and rehabilitated.

The program employs two strategies; first is to buy bank-owned, foreclosed properties and second, is to rehabilitate them and then sell them to get the homes back into local homeowners' hands.

Eligibility criteria and program requirements

1. Homebuyer must not currently own a home; however, the homebuyer does not have to be a 1st time homebuyer.
2. Applicant must be qualified for a 1st mortgage through a lender that is familiar with the Citrus County Neighborhood Stabilization Program. A pre-approval letter will be required from the lender.
3. Applicant must meet the down-payment requirements of the first mortgage lender and loan type. The County may provide up to 50% of the actual down-payment costs.
4. Applicant must not have a household income exceeding 120% of the area median income adjusted for household size. See the table below:

Household size	1 person	2 person	3 person	4 person
Annual Household Income	$40,320	$46,080	$51,840	$57,600
Household size	5 person	6 person	7 person	8 person
Annual Household Income	$62,280	$66,840	$71,520	$76,080

5. Applicant will be required to occupy the property as primary residence throughout the duration of the affordability period.
6. Applicant must undergo an 8-hour counseling course by a HUD certified counselor as approved by Citrus County.
7. Applicant must purchase a foreclosed property that is a part of the Citrus County NSP inventory.
8. Offers will be considered on a first come, first qualified basis. Prior to placing an offer on a property, the buyer must provide the first-mortgage lender’s pre-approval letter.
9. Closing on the property must occur within forty-five (45) days of the offer being accepted by the County.