Saugus program helps buyers of foreclosed homes
MassHousing, the state's affordable housing bank, said it is partnering with the town of Saugus, Saugusbank, and the Community Restoration Company to make grant funds available to first-time home buyers who purchase foreclosed homes in Saugus.
"Qualified home buyers who obtain a MassHousing mortgage through Saugusbank will be eligible for a second loan to assist in rehabilitating the foreclosed property," MassHousing said in a press release. "The second loan will be funded through the Neighborhood Stabilization Program (NSP), which was created in federal economic recovery legislation. The rehabilitation loan could be forgiven depending on how long the home buyer lives in the home and the total amount of NSP funds used."
A public meeting for anyone interested in the program is scheduled to be held in the Saugus Town Hall Auditorium on Wednesday, June 30, from 6:30 p.m. to 8 p.m., MassHousing added.