Under the Housing and Economic Recovery Act of 2008 signed into law by the President on July 30, 2008, the Neighborhood Stabilization Program (NSP) was funded with $3.92 billion. These funds were allocated to communities across the country to help them address the home foreclosure problems prevalent in many areas. The City of Hemet has been allocated $2,888,473 of the NSP funds in order to deal with the foreclosure problems in our community. Hemet's NSP program is designed to assist the city's areas that have been most affected by abandoned and foreclosed homes by acquiring and rehabilitating foreclosed single-family properties and selling these often blighted homes to income eligible home buyers earning up to 120% AMI. These renovated properties come with a one year home warranty and are eligible for down payment assistance. Homeownership is promoted through down payment assistance for first time homebuyers. Contact the Neighborhood Partnership Housing Services, Inc., for more details.