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Dominick, Cicero Housing Department Announce Neighborhood Stabilization Program to Aid Cicero Homebuyers 1/15/2009 3:00:00 PM 
Attention All Prospective Homebuyers!In response to the national housing market crisis, and under authority of Title 3 of the Housing and Economic Recovery Act of 2008 (HERA), Town President Larry Dominick has designed a federally-funded program aimed at stabilizing Cicero's Housing Market.
This Program, coined the "Neighborhood Stabilization Program" (NSP) will offer qualified homebuyers a 0% interest, deferred payment, forgivable loan if the qualified homebuyer purchases a currently foreclosed REO single family, or multi-family (up to 3 flat) property in Cicero's "Target Area" that will be used as his/her primary residence. This program will help stabilize the housing market through increased home sales, and by reducing the number of foreclosed properties within the "Target Area".
Highlights of the NSP:
1. 20% down payment (up to $35,000.00)
a. 0% interest
b. Deferred payment (no monthly payments)
c. 100% forgivable after 10 years (if you live in the home 10 years, you repay nothing!!!) 2. Also available is a loan up to $4,999.00 added to the Down Payment Assistance Loan to correct any needed code violations identified by the Building Department.
3. Lead Hazard Reduction Grant
a. Town President Larry Dominick wants to ensure that the houses assisted are safe from lead-based paint hazards.
b. The town may give a grant of up to $20,000.00 to stabilize any identified lead-based paint hazards, and perform a clearance inspection. 4. Home to be purchased must be an "REO" property in Cicero's "Target Area": Census tracts 8133, 8134, 8142, 8136, 8141, 8143, or 8137.
5. Home to be purchased at 15% discount from current appraised value.
Are you qualified?
1. Program open to all U.S. Citizens or Legal Residents of the United States.
2. Applicant must be pre-approved for a mortgage.
3. Applicant must be at or below 120% of Area Median Income.
4. Applicant must complete "Homeownership Counseling" with CEDA and present certificate of completion to the Town of Cicero.
Town President Larry Dominick, and Department of Housing Director Emilio Cundari are excited about the possibilities of this new program. Obtaining a home that is affordable is an American Dream that can be realized through this type of assistance.
For more information regarding the program, application procedures, income qualification, etc., please contact Tom Tomschin, NSP Manager, at (708) 656-8223 ext. 13, or at ttomschin@thetownofcicero.com.
 
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