Mt. Airy USA program helps home buyers get foreclosed properties cheaper

Prospective home buyers in Mt. Airy, take note: You might be eligible to participate in a federal housing stabilization program through a partnership of Mt. Airy USA (MAUSA) and the city’s Redevelopment Authority (RDA).

The Neighborhood Stabilization Program (NSP) redevelops foreclosed or abandoned homes and sells them, at reduced rates, to buyers who also participate in the program. MAUSA, in conjunction with the RDA, will hold a free workshop to help interested homebuyers find out if the program is right for them.

Mt. Airy USA has participated in the NSP program since its inception as part of federal Housing and Economic Recovery Act of 2008, said Anuj Gupta, executive director of Mt. Airy USA. So far, the community agency has redeveloped seven foreclosed homes, with four sold to first-time buyers through the program.

In a news release, Gupta said the program “has been an excellent vehicle to bring positive change to our community. We have taken a comprehensive approach to revitalization by leveraging every tool the program offers and by building a partnership with the Philadelphia Redevelopment Authority.”

Gupta is also a member of the RDA board, appointed in April by Mayor Nutter to fill out the remainder of five-year term of former board member Asia Coney.

To qualify, prospective buyers must qualify as a low- to moderate-income household, attend a eight hours of workshops and counseling with Mt. Airy USA, and agree to deed restrictions and a “soft” second mortgage in which no payments are due unless the buyer violates the deed restriction.

The free workshop will take place from 5:30 to 9 p.m. Thursday, Aug. 25, at the MAUSA office at 6703 Germantown Ave. At the free program, housing counselor Cynthia Bradley will give details about the Neighborhood Stabilization Program and answer questions about eligibility, the buying process and other practical information.

The entrance is located at the rear of the building. To register for the NSP session, call 215-844-6021, or go to mausa.eventbrite.com