It's a Great Time to be in the

Hunt for a House

Non-Stop Possibilities TEST

Powered by $7 million from the federal Housing and Economic Recovery Act of 2008, the Fort Wayne NSP is part of the national effort to restore homes and renew neighborhoods hit hardest by the recent housing crisis. The NSP signals opportunity for homebuyers and stronger neighborhoods with investments that go straight to the heart of our community.

Focusing on vacant, foreclosed properties, the NSP blends the financial resources of the City of Fort Wayne with the talents of private-sector housing professionals - builders, developers, architects, designers, realtors, appraisers and lenders. Think about it: Your own expert team working with you to make your homeownership dream come true.

The NSP connects moderate-to-middle-income buyers with Development Teams to purchase and renovate selected homes in near-downtown neighborhoods. Funding up to 150% of the as-completed appraisal value in improvements, a famiy of four earning $73,000 a year could qualify.

The NSP turns houses into homes.

The NSP works much like the traditional homebuilding process, with the accent on renovation. Qualified, bankable buyers will put together a Development Team made up of a realtor, contractor/builder and an architect/designer.

Next, they'll select a vacant, foreclosed home in the targeted NSP area. With the help of the Development Team, they'll propose a plan to refurbish the house within the budget of 150% of the as-completed appraisal. Improvements that promote energy efficiency, enhance curb appeal and increase marketability will be encouraged.

When the NSP plan has been approved, the City will authorize the purchase of the vacant, foreclosed home by the Development Team from the bank. The home will then be remodeled and sold at the lowest price possible, either the after-rehab appraised value or the total cost of the renovation, whichever is lower.

To help you build the skills for success, all NSP buyers must take at least eight hours of homeowner education classes.

If you're wondering about costs, here's a bonus. Professional fees are funded through the NSP. The contractor/builder will be paid 20 percent of the total rehab costs. The realtor who represents the buyer will be paid a fee that is the greater of $6,000 or 6 percent of the sales price.

Is the NSP for me?

If you're a potential homebuyer, the easiest way to find our if the NSP is a fit for you is to talk with a licensed realtor. A realtor can walk you through the process. Or to get started on your own, scan the NSP homebuyer checklist. But don't delay. Now is a great time to be in the hunt for a house, and the NSP is about turning houses into homes.

What neighborhoods are part of the NSP?

Stretching from Northside down to Southwood Park and as far south as Crown Colony, extending from West Central across to Renaissance Pointe, the NSP area encompasses most of Fort Wayne's traditional neighborhoods. View the entire NSP map.

Who to contact regarding the NSP.

Homebuyers or housing professionals interested in joining a Development Team should contact the Neighborhood Services staff at 260.427.1127.