Neighborhood Housing Services of Phoenix

Programs: Loan services: nhs phoenix is a licensed mortgage bank in the state of arizona, an approved fannie mae seller/service. The organization originates and services first and second mortgage loans and down payment/closing cost assistance grants and loans. The organization develops and/or administers special mortgage programs that meet the credit needs of low and moderate income borrowers. Loan terms may vary from conventional interest-bearing and fully amortizing to fully forgivable loans which subsidize a home purchase and improve home sustainability/home retention.

affordable housing development: nhs phoenix develops affordable single family homes in neighborhoods targeted for revitalization efforts by its board of directors. These development programs primarily focus on acquisition and rehabilitation of single-family homes for-sale which are mainly located in low to moderate income census track areas and are funded with governmental grants to subsidize the cost of development. Rehab construction standards exceed the minimum requirements of hud. The rehab construction standards seek to eliminate the need for major replacement or repair costs for homebuyers in the first five years of ownership. In 2013, nhs phoenix acquired, rehabbed, and/or sold 33 homes.

homebuyer education & counseling: all borrowers are required to attend an eight hour homebuyer education class on the process of purchasing a home and the responsibilities of homeownership. Classes are taught in english and spanish in a classroom setting or online. Clients who want to pursue homeownership are also provided individual counseling on assessing homeownership readiness, budget and credit issues, financing a home, shopping for a home, and maintaining a home and finances. A financial literacy curriculum is also offered, but not required, to all clients to improve personal financial management skills. In addition, foreclosure prevention counseling is provided to existing homeowners who are experiencing financial difficulties. In 2013, nhs phoenix provided services to 2,704 families, created 302 first-time homeowners, and helped 913 families avoid foreclosure. In addition, 1,239 households took homebuyer education or financial recovery classes.

arizona foreclosure prevention task force: the task force was formed for the purpose of reducing the number of residential foreclosures in arizona and reducing the negative impact of foreclosures on families and communities. The organization has both an economic interest in and control of the task force through the organization's oversight of the activities of the task force. The organization also serves as a fiscal sponsor of the task force.