Cornerstone is the marketing arm for Del Norte Neighborhood Development Corporation's Neighborhood Stabilization Program. This program provides funding for the rehabilitation of foreclosed properties and mortgage assistance for eligible home buyers to purchse these homes. The extend of the rehabilitation and upgrading is very extensive. Systems are checked, serviced and upgraded if necessary, kitchens and baths are redone with upgraded materials (stainless appliances, maple cabinets, etc.). All new custom window coverings and installed, new carpet, paint, lighting, storm/security doors are added. Special attention to energy efficiency is paid and radon is tested and mitigated if necessary. These homes are actually better in most ways than when they were new.
There are income restrictions (120% of the Area Median Income) and an affordibility period established that insures that these home will remain owner occupied and affordable for a reasonable period of time. Details can be found in the contract addendum.
Down payment and closing cost assistance is also available to eligible buyers on an as-needed basis. This assistance, unlike some other programs, is actually forgiven over the term of the affordibility period. Click here for Important Information for Brokers and Buyers and Required Addendum A and Addendum B required with contract.