Neighborhood Stabilization Program
The Neighborhood Stabilization Program (NSP) uses federal grant funds to buy, fix up, and resell foreclosed and abandoned homes. The Housing and Community Services staff assists in the implementation of the NSP by conducting inspections of foreclosed housing units, preparing cost estimates for applicable properties and overseeing the contracts for lead remediation and rehabilitation work.
THROUGH THIS PROGRAM, THE CITY WILL PROVIDE AT LEAST $1,000.00 FOR DOWN PAYMENT ASSISTANCE.
ASSISTANCE WILL BE IN THE FORM OF A SECOND MORTGAGE forgivable after 10 years.
Interested in buying one of Akron’s Great Homes?
1. Do you qualify?
| Income Qualifications for Number of Family Members | ||||
| Members: | 1 | 2 | 3 | 4 |
| Max Income: | $55,100 | $63,000 | $70,850 | $78,700 |
| Members: | 5 | 6 | 7 | 8 |
| Max Income: | $85,000 | $91,300 | $97,600 | $103,900 |
2. Identify at least three homes in the Property Listings. Please remember that the City of Akron requires that your down payment be the greater of 2% of the appraised value or $1,000 toward the purchase of the property.
3. Download and complete an application (18k pdf).
4. Contact a HUD-approved homebuyer counseling agency such as Mustard Seed Development Center, www.mustardseedcdc.com, (330.631.0350) or East Akron Neighborhood Development Corporation, www.eandc.org (330.724.0244). At the first meeting, the counseling agency will ask you to bring items such as the completed application, a W-2 form, one form of identification, the last two years of tax returns and your current pay stub. You must complete eight hours of Homebuyer Training classes.
5. Work with the counselor to get a loan approved and submit an offer package for the house you want. Offer will be submitted to the City of Akron for approval.
6. If approved, the loan will close. You will sign documents at the title company. The City may contact you for a post-purchase survey.
WELCOME HOME!!
For more information, telephone 330-375-2696.
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