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City Communications Office

City of Kansas City, Mo.

www.kcmo.org

CONTACT: City Communications Office, 816-513-1349

FOR IMMEDIATE RELEASE: March 3, 2011

City announces $8,000 discount on homes rehabilitated through Neighborhood Stabilization Program

The City of Kansas City, Mo., in partnership with local primary property developers, is pleased to announce an $8,000 discount off the list price of single-family homes that were rehabilitated through the City’s Neighborhood Stabilization Program. This discount applies to such homes purchased in March 2011.

To learn more about this discount, the City’s Housing and Community Development Department, along with participating primary property developers, lenders and real estate agents, will host a Brown Bag Lunch and Learn on Wednesday, March 16 from 11:30 a.m. to 12:30 p.m. The event will be held in the multi-purpose room of the City’s Health Department, 2400 Troost Ave.

Under the Housing and Economic Recovery Act (HERA) of 2008, the City of Kansas City, Mo., received $7.3 million to combat the foreclosure crisis that has stifled the housing market not only in Kansas City but also around the country.

Through the Neighborhood Stabilization Program, foreclosed homes are purchased and then rehabilitated to the highest specifications, which include energy efficient furnaces, windows, roofs and appliances. The final sales price of these homes is the lesser of the appraised value or the cost of purchase and rehabilitation of the home.

“This is a great opportunity for potential homebuyers to purchase a quality, energy efficient home at an affordable price,” said Councilwoman Sharon Sanders Brooks, chairperson of the Council Housing Committee.

In addition to the $8,000 discount, those who qualify may also use the KC Dream Program for a second mortgage, which is up to an additional $20,000 in savings. Income limits for participation are set by household size:

1 Person: max $59,200

2 Person: max $67,700

3 Person: max $76,150

4 Person: max $84,600

5 Person: max $91,350

6 Person: max $98,150

7 Person: max $104,900

8 Person: max $111,650

For media inquiries or more information about the City’s Neighborhood Stabilization Program, please call 816-513-2835 or visit

www.nspkc.org. To RSVP for the Brown Bag Lunch and Learn, call 816-513-2835.

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