WASHINGTON, D.C. – Two Perth Amboy agencies will receive more than $35,000 in federal grants from the U.S. Department of Housing and Urban Development’s (HUD) Housing Counseling Program, U.S. Sen. Robert Menendez announced this week. Those grants are part of nearly $700,000 that is going to 15 agencies throughout New Jersey.
“Providing services to help increase financial literacy – especially when it comes to housing – is not only good for New Jersey’s families, it’s good for the whole economy,” said Menendez (D-NJ), who led the effort in the U.S. Senate to keep HUD’s Housing Counseling Program funded in fiscal year 2013 and is fighting to secure funding for fiscal year 2014. “This funding will help put more New Jersey families on a path to affordable housing and homeownership, and help more seniors stay in their own homes by using the equity they have built.”
The Puerto Rican Association For Human Development, Inc. will receive $15,952, while the Perth Amboy Housing Authority will receive $20,750.
HUD’s Housing Counseling Program provides services to homebuyers, homeowners, low- to moderate-income renters, and the homeless in order to expand homeownership opportunities and improve access to affordable housing. Counselors provide guidance and advice to help families and individuals improve their housing conditions and meet responsibilities of tenancy and homeownerships. Counselors also help borrowers avoid inflated appraisals, unreasonably high interests rates, unaffordable repayment terms, and other conditions that can result in the loss of equity, increased debt, default, and foreclosure.
Applicants funded through this program may also provide Home Equity Conversion Mortgage (HECM) counseling to elderly homeowners who are looking to convert equity in their homes into income that can be used to pay for home improvements, medical costs, living expenses, or other expenses.
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