A program designed to help low- and moderate-income families achieve the dream of homeownership will be expanding next year.
Mayor Steven Fulop and the city’s Division of Community Development announced the recipients of grant funding to help first-time homebuyers while heralding the upcoming expansion of the Golden Neighborhood First-time Homeownership Program (GNHP). The initiative helps residents who earn 80% or less of the Area Median Income (AMI) purchase homes.
The program is implemented by the city through the U.S. Department of Housing and Urban Development’s Home Investment Partnership Grant (HOME). More than 1,600 eligible applicants entered the lottery last year, with awardees eligible to receive up to 10% of the home purchase price for a down payment, plus $10,000 toward closing costs, with a maximum subsidy of $150,000 per household.
The Abbas family recently visited City Hall to accept their $150,000 check under the program to purchase their first home for their family, which includes two young children.
“This program opens the door for our low-income and working-class families to become homeowners and build stability for the future,” said Mayor Fulop. “We are proud to provide real opportunities for residents to invest in their community and strengthen neighborhoods through homeownership.”
The GNHP provides financial support to first-time buyers who meet income eligibility guidelines that include securing a pre-approval mortgage, completing 8 hours of HUD-approved homebuyer education, and obtaining a certificate demonstrating their readiness for homeownership. The city also hosted a Housing & Mortgage Fair on Saturday, October 25th to help better educate the community about the program.
“Homeownership is one of the most important pathways to financial security,” said Deja Anderson, Director of the Division of Community Development. “The response to this program shows how strong the demand is among residents who are ready to invest in Jersey City but need help bridging the gap to ownership.”
Besides the first-time homeowner program, the Division of Community Development is preparing to relaunch its Home Improvement Repair Program. The initiative provides up to $25,000 in assistance for critical repairs such as roofing and masonry to help existing low- to moderate-income homeowners maintain safe, stable housing and allow seniors to age in place.
The home improvement program is expected to open in the spring next year following the completion of community input and planning. More information about the Golden Neighborhood First-time Homeownership Program and other housing initiatives can be found through Jersey City’s website.
