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New program yet to help buyers land homes

Tracy Sabo CNN
Lisa Locascio is trying to buy her first home with help from the federal Neighborhood Stabilization Program.

Lisa Locascio is trying to buy her first home with help from the federal Neighborhood Stabilization Program.


PHOENIX, Arizona (CNN) -- Thirty-year-old Lisa Locascio is walking through what she hopes will soon be her new living room.



"The carpet's clearly trashed, but that's going to get ripped out," she says.

She's excited to become a first-time homebuyer and has been shopping exclusively for foreclosed homes in the Phoenix, Arizona, area for several weeks now.

"It's the American dream," Locascio says of home ownership, and she's just zeroed in on the one she wants to be hers. She has a bid in and is waiting to hear on her offer.

Financially strapped prospective buyers like Locascio have discovered hope in the Neighborhood Stabilization Program, a year-old federal program designed to help stabilize communities decimated by foreclosures and abandonment. Families and individuals who qualify can get a loan of up to $15,000 to cover down payment and closing costs of foreclosed homes. The amount varies by region, but can amount to tens of thousands of dollars.


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