Region 2 Neighborhood Stabilization Program (NSP)
Downpayment/Rehabilitation Assistance Program

• Created through the Housing and Economic Recovery Act of 2008

• Funds are available to purchase and rehabilitate vacant and/or vacant foreclosed properties in targeted areas within Region 2:

The Village of North Baltimore
An Area of Sylvania Township
An Area of the City of Northwood
The Village of West Millgrove
An Area of Springfield Township
An Area of the City of Rossford
City of Oregon/Bayshore Area
The Majority of the Village of Holland
The Central/Downtown Area of the City of Bowling Green

Funds may be used for downpayment assistance, closing costs, and rehabilitation for income-qualified homebuyers:

• Up to 20% of the purchase price amount may be used for downpayment assistance with a maximum of $85,000 available for downpayment and rehabilitation, per project
• Provided as a no-interest loan forgivable over a specified period of time based on amount of funds expended: up to $15,000 for5 years; up to $40,000 for 10 years; & over $40,000 for 15 years
• Homebuyer must continue to own, occupy, and maintain home as principal residence for duration of specified time or loan will be required to be re-paid on a pro-rated basis

How Do I Become a Qualified Homebuyer?

• Households must meet income qualifications of 120% (or less) of Area MedianIncome:

Region 2 Income Limits (3-19-09 effective date)

• Complete eight (8) hours of homebuyer counseling from HUD Certified Housing Counselor
• Contribute a minimum of $500 “out-of-pocket” contribution toward purchase
• Purchase 12-month homeowner’s insurance policy for property
• Qualify for a fixed rate HUD-insured mortgage -OR- conventional mortgage loan through a lending institution (term up to 30 years)
• Mortgage should not be more than 4% over current prime rate
• Mortgage payment (principal, interest, taxes & insurance) cannot exceed 30% of household gross monthly income
• Residential property must be foreclosed and vacant OR vacant for at least 90 days
• Property must be sold for at least 1% less than the appraised value

To Request an Application for Region 2 NSP Assistance, please contact:
Poggemeyer Design Group, Inc.
1168 North Main Street, Bowling Green, Ohio 43402
(419) 352-7537, Extension 333 or 1-877-836-3206 (toll-free)
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