PARTNERS

The Neighborhood Stabilization Consortium consists of four non-profit members. The Consortium partnered with two for-profit developers. The El Paso Collaborative is the Consortium’s Lead Member and Fiscal Agent. The other Consortium Members are: AYUDA, Inc., Habitat for Humanity El Paso and Project Vida.

Habitat, AYUDA and Project Vida will only service residents at or below the following household income guidelines:

NSP2 HOMEOWNERSHIP PROGRAM-HABITAT FOR HUMANITY

Habitat will acquire and rehabilitate fifteen single-family homes located in any of the twenty-two targeted census tracts. They will resell the properties to income-eligible households per the above income table. Habitat will finance the mortgages for their participants by providing zero-interest loans with up to 30-year terms. NSP Homebuyer Assistance of up to $40,000 per household will be made available to qualified households. Habitat’s NSP homebuyers will only receive the assistance they need to finance the home. Homebuyer Assistance will be provided in the form of zero-interest, forgivable loans, forgiven at the rate of 1/180 per month. Habitat will also carry the second-lien notes, and will service these loans themselves.

NSP2-RENTAL PROGRAM-AYUDA AND PROJECT VIDA

AYUDA and Project Vida together will acquire, rehabilitate and rent twenty residences located in the targeted census tracts to lease to households whose incomes do not exceed those on the above-table and who can meet the “Low HOME Program Rents” for El Paso, Texas.