Jersey City has announced the city is opening applications for their first time homebuyer program, which will award grants to assist low to moderate-income residents looking to buy a home in the city.
Titled the Golden Neighborhood Homeownership Program, the program provides financial assistance with down payments for a home for up to 10 percent of the purchasing price, as well as up to $10,000 in closing costs for eligible homebuyers.
“This is a great opportunity to get the community engaged and educated about home ownership in our city,” said Mayor Steven Fulop in a statement. “Our goal is to create and preserve affordable housing while also helping residents achieve home ownership where they may not otherwise be able to afford their own family home.”
Those that can qualify for the program must have family income between 60 to 80 percent of the area median income (AMI), with the maximum subsidy for qualified applicants being $150,000. Receipt of the maximum allowable amount will be reliant upon family size, household income and AMI percentage.
Subsidies are awarded to the homeowner once they find a home in the city and enters into a contract, the property passes the mandatory housing standards and lead paint inspections, and the buyer receives a property appraisal and secures a mortgage lender commitment.
“We are excited to bring additional support to make home ownership a reality for Jersey City residents,” said Deja Anderson, the Director of the Division of Community Development. “We want to keep communities intact while creating opportunities for generational wealth building.”
Applications can be submitted online at www.cognitoforms.com/CityOfJerseyCity1/GoldenNeighborhoodHomeownershipProgram2022PreApplication through November 1. Those who qualify after a preliminary screening will be entered into a lottery selection process.
The city said that the subsidies are considered a grant, and will become a loan if the buyer moves, sells the property prior to the end of the required affordability period, or defaults on the mortgage. The home buyer will be required to repay a portion of the grant based upon a recapture schedule.
The Division of Community Development will also be hosting a mortgage fair with local and national banks to provide additional support/information on their own in-house first-time homebuyer programs, which can be use in combination with the GNHP grants. The fair will take place at 4 Jackson Square inside the Holloway Board Room at Oct. 5 from 3 to 8 p.m..
For a list of qualifications and details about the program, visit www.jerseycitynj.gov/cms/One.aspx?portalId=6189744&pageId=18803022&mc_cid=cef57fa407&mc_eid=UNIQID. For more information about the application process, contact the Division of Community Development by phone at 201-547-6910 or at [email protected].
For updates on this and other stories, check hudsonreporter.com and follow us on Twitter @hudson_reporter. Mark Koosau can be reached at [email protected] or his Twitter @snivyTsutarja.
