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Nov 10, 2009 2:42 pm US/Central
Stimulus Money Helps Families Buy First Homes
By Arezow Doost
ARLINGTON (CBS 11 / TXA 21) ―
Federal stimulus money is helping a North Texas family buy their first home.
Thu and Dan Nguyen stand in front of their one-story Arlington home and say they feel like it's all a dream.
"I can't believe it," said Thu Nguyen. "This is our first home."
The couple qualified to buy a foreclosed home through a federally funded program called Neighborhood Stabilization Program.
The family of four had been house hunting for months and living with family when they heard about the program.
"We moved from Vietnam in 2006 for a better life and now we are living it," said Dan Nguyen.
Arlington got $2 million from the U.S. Department of Housing and Urban Development.
The money is being used to buy and renovate foreclosed vacant homes around the city.
The NSP program will help to stabilize and improve Arlington neighborhoods in areas where foreclosure rates are highest, says Community Services Assistant Director David Zappasodi.
Right now Zappasodi says Arlington has about 100 foreclosures a month.
To qualify for the program you have to have a job, good credit and meet the income criteria.
The Nguyens paid $1000 out of pocket and will now be taking over the mortgage.
They've also helped with the renovations.
The city hopes to help more than 40 families like the Nguyens.
Right now they are in the process of asking for money.
For more information:
www.arlingtontx.gov/housing/neighborhoodstabilization.html
www.arlingtontx.gov/recovery to track Arlington's federal stimulus funding.
Call the Arlington Housing Authority at 817-276-6701.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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