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City of Mansfield

Neighborhood Stabilization Program (NSP)
Frequently Asked Questions
Q. What is The Neighborhood Stabilization Program (NSP)?
The NSP funds is under the Housing and Economic Recovery Act, and the program was designed
to assist local governments in addressing the ongoing foreclosure crisis.

Q. What type of assistance is available?
The City can assist with the downpayment of a home, and to offer homes for sale at a discounted
rate in designated areas.

Q. What are the income guidelines for these programs?
Income is based on 120% of medium income. The NSP program is designed to assist low- to
-middle income households. Income limits are established by the Federal guidelines.
1 person 2 person 3 person 4 person 5 person 6 person 7 person 8 person
$44,250 $50,600 $56,900 $63,250 $68,300 $73,350 $78,400 $83,500
Q. What do I do after I determine I meet the income guidelines?
If you feel you meet the program income guidelines, you must get pre-approved or prequalified
from an approved lender and receive (10) hours of financial education from Catholic
Charities.

Q. Is this a grant or a loan?

The City may be able to assist with some financial assistance under a deferred loan program
Q. Is there specific areas where I must purchase?
Yes. The City has designated target areas that are our priority for (NSP). Please refer to the
City’s target area maps at www.ci.mansfield.oh.us under Neighborhood Stabilization Program
and it will give you the areas where these two programs are available.

Q. Do I need to be a first-time homebuyer?

No. Under the City’s NSP program this is not a requirement. However, at the time of
application and prior to closing, you can not own any other residential property.

Q. Can I choose any property?

No. The City of Mansfield has acquired properties in the designated areas to receive this
opportunity.

Q. Do I have to go to a specific lender

Yes. The City of Mansfield has partnered with various lenders in our community to ensure the services.

Q. Do we need an inspection done on the property?

Yes.  A full property inspection and work to the property is done by The Community Development
Offices. An appraisal will be done based on the after renovated value to establish the sale price.

Q. Do I need good credit to receive assistance?

Credit will be reviewed by the lenders institutions. Local lenders are using their specific
underwriting criteria to determine whether you qualify for a mortgage.  You are required to receive
10 hours of financial education as part of receiving the assistance prior to the closing. The
Community Development Department will have a listing of the local lenders partnering with the NSP
Program.

Q.   Will I know how much I can afford?

Yes.  You must get pre-approved/pre-qualified for a loan you can afford by a local lender before
you submit an offer on a property.

Q.   If I plan to buy a NSP home what assistance can I receive?

Check with Community Development staff at (419) 755-9793.

Q.   Is it necessary to be a current resident of the City to apply for this assis- tance?

No.  You do not have to be a current resident of the City, but the purchaser must oc- cupy the
property.

Q. Can I get a home for free?

No.  Maximum benefits to any applicant has already been placed on the property based on the grant
submission to the State of Ohio.  Under NSP, the price advertised is the lowest price possible. The
funds under DOWN-PAYMENT ASSISTANCE  PRO- GRAM, the buyer has the right to obtain the best price
possible for those  properties.

Q. Do I have to search for a property on my own:

No. You may work with any realtor or other professional or search independently for your desired
property.

Q. Who is the main point of contact for NSP?

You should contact the City of Mansfield, Community Department Office at (419) 755- 9793.