Up to $55,000 Available for Homeowners
Program temporarily on hold.
The Home Improvement Program (HIP) provides eligible buyers up to $55,000 in NSP funding to assist with down payment, closing costs, and to make necessary repairs/improvements to a foreclosed home. This program is available to buyers who select a foreclosed home in specific ZIP codes.
A breakdown of the $55,000 loan is as follows:
- $15,000 is an interest-free, no monthly payment loan that is forgivable and declines over a 15-year timeframe. If the owner sells the home, refinances or no longer occupies the residence prior to 15 years, the remaining balance of the loan will be due.
- Up to $40,000 is an interest-free, no monthly payment loan that is forgivable and declines over a 15-year timeframe. The loan will be used to address necessary improvements and repairs to the foreclosed home.
As an added benefit to buyers participating in this program, participants are paired with an experienced NSP community-based contractor to provide oversight of the home improvement project. The contractor will outline the needed repairs/improvements and will coordinate and co-manage the construction project alongside the buyer.
The improvements/repairs will address health and safety issues, add curb appeal and energy efficiency features to the home.
Home Improvement Program Buyer's Guide and Checklist
View specific ZIP codes applicable to this program
To learn about other Homeownership Program options or eligibility criteria, call 602-262-6602 or by e-mail at nsphome@phoenix.gov.