An initiative designed to help low- and moderate-income residents achieve home ownership amid Jersey City’s rising rents has started accepting applications for a lottery program that will be held in the coming months.
Jersey City Mayor Steve Fulop, in conjunction with the Division of Community Development (DCD), has announced the return of the Golden Neighborhood Homeownership Program. The undertaking is designed to help those looking to buy a home within Jersey City their cover down payment and closing costs and will be awarding grants of up to $150,000.
The city started accepting applications for the program on September 1 and will continue to do so through the end of October. Residents and families who qualify can apply here through the city’s website for consideration into the program.
“This is a great opportunity to get the community engaged and educated about homeownership in our city,” said Mayor Fulop. “Our goal is to create and preserve affordable housing while also helping residents achieve homeownership where they may not otherwise be able to afford their own family home. This program can help them achieve those goals.”
To qualify for the program, applicants must have a minimum credit score of 660 and meet certain income requirements. An individual making between $48,300 to $64,350 per year is eligible for the lottery, and income level qualifications increase for families of various sizes. A full list of eligibility conditions can be found here.
Jersey City residents who are found to qualify after their preliminary screening will be entered into a lottery selection process. Qualified lottery winners will also need to complete pre-and post-mortgage counseling through a HUD-certified provider, and any families who may not qualify for the program will be offered financial coaching through the DCD.
In addition, the DCD will be hosting a mortgage fair with local and national banks to provide additional support on their own in-house first-time homebuyer programs. The event will be held on October 5, 2022, 3 p.m. – 8 p.m. at 4 Jackson Square, inside the Holloway Board Room.
For more information about the application process, please contact the Division of Community Development by phone at 201-547-6910 or at [email protected].