Paulding County in corporation with the Northwest Georgia Regional Commission will hold a public hearing on Monday July 23, 2012 for the purpose of discussing the Amendment to the Abbreviated Action Plan approved activities under the HUD Neighborhood Stabilization Program 3 (NSP3). The public hearing will be held at 6:00 pm at the Paulding County Government Complex Administration Building Cafeteria, 1st Floor 240 Constitution Blvd. Dallas, GA 30132.
On March 11, 2011 the Department of Housing and Urban Development (HUD) awarded Paulding County a grant in the amount of $1,372,214 to administer the Neighborhood Stabilization Program 3 (NSP3). Through the NSP3, Paulding County will partner with the Northwest Georgia Regional Commission to assist in the redevelopment of abandoned and foreclosed homes in areas designated by HUD. NWGRC will also provide Homeownership Assistance Loans (downpayment and closing cost assistance) to families and individuals whose annual household income does not exceed 120 percent of the Area Median Income (AMI) as determined by HUD.
Items to be discussed at the Hearing include:
The Paulding County Neighborhood Stabilization Program Down payment assistance program which delineates how LMMI households that are able to afford the monthly cost of homeownership (i.e., mortgage and insurance) are not always able to come up with sufficient funds for the lender’s required down payment and/or the various up-front fees and charges (including broker fees and commissions as well as loan points) that are collectively known as “closing costs.” NSP down payment assistance is capped at 50 percent of the down payment required by the private lender. Closing cost assistance and other financial assistance is not capped.
Down payment assistance (by using this language alone; buyers are limited to the following only)
•Down payment assistance Up to 50% of the lender-required downpayment
Paulding County is amending the Abbreviated Action Plan to no longer utilize the technical term down payment assistance (as delineated above) and to adopt the term Homebuyer Assistance. Eligible uses are described below.
“Homebuyer Assistance” funds may be used for:
•Down payment assistance Up to 50% of the lender-required down payment
•Gap Financing-principal reduction
•Pre-paid escrow deposits & PMI
The type(s) of buyer purchase assistance the Paulding County NSP3 program will provide are:
•Down payment and closing cost assistance; and
•2nd mortgage financing
The Public is invited to attend this Hearing to become informed of the project activities. Comments on the activities may be made at the Public Hearing or by writing to the following address:
Northwest Georgia Regional Commission
P.O. Box 1798
Rome, Georgia 30162-1798
Comments may also be made by emailing comments to the following email address: firstname.lastname@example.org . Comments should be received no later than Thursday July 20, 2012.
Persons with special needs relating to handicapped accessibility or foreign language should contact Michael M. Miller, NSP Manager prior to Monday July 23, 2012. Persons with hearing disabilities may consider using the Georgia Relay Service, at (TDD) 1-800-255-0056 or (Voice) 1-800-255-0135.