PERTH AMBOY—The Jewish Renaissance Foundation is still accepting applications for the Neighborhood Stabilization Program.
Through the program, families earning below 50% or below 120% of the area’s median income are eligible to apply for new affordable two to four bedroom homes, selling between approximately $135,000 to $240,000. The homes are planned for occupancy in early to mid-2010.
“The NSP project will contribute to both the stabilization of our community by increasing homeownership, as well as enhancing the affordability of our homes,” said Mayor Wilda Diaz.
In partnership with the City of Perth Amboy, Perth Amboy Housing Authority, and with several banking and financial institutions, the Jewish Renaissance Foundation is substantially rehabilitating approximately 14 foreclosed or abandoned homes.
The NSP project is a byproduct of the Perth Amboy Alliance for Community, a $22 million neighborhood building initiative administered by JRF targeting the Greater Budapest section of Perth Amboy (located along 40 square blocks in central and southern quadrants of Perth Amboy). The program activities will primarily target the Greater Budapest neighborhood, with some spot acquisition slightly outside the target area.
All program participants will be required to undergo housing counseling, and to form a Financial Stabilization Plan that sets out a framework to alleviate mortgage default and realize income stability. JRF will work with the Perth Amboy Housing Authority and other local and regional housing counseling agencies along with banking and financial services partners to secure additional subsidy to assist with the acquisition process, including assistance with down payment, closing costs, and other similar acquisition factors through local, state and federal sources.
To qualify for the lottery, in which up to 14 homeowners will be selected, each interested applicant must fill out a preliminary application and submit it back to JRF offices by Dec. 21, 2009 at 4 p.m.
The preliminary applications are available at the Perth Amboy offices of the Jewish Renaissance Foundation (2nd floor), located at 149 Kearny Avenue, and the Perth Amboy Housing Authority on 881 Amboy Avenue.
To qualify, homeowners’ income, which includes all earned income as well as income from assets, benefits, child support and alimony, must meet the program’s criteria. The income limits for a family of four range from $50,050 (below 50% of the area’s median income) to $120,100 (below 120% of the area’s median income).
A lottery for the new homes will be scheduled on Tuesday, Dec. 22, at 7 p.m. at the JRF offices at 149 Kearny Avenue, Perth Amboy, lottery winners must complete an eight-hour home-buying counseling course, secure a fixed rate mortgage, which could be FHA or VA loan, and have the required down payment and closing costs. Units will be deed restricted to ensure continued affordability.
Questions or further information regarding the NSP program should be directed to Ada Gonzalez at 1-732-324-2114, ext. 106 or ada.gonzalez @jrfnj.org
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