For Immediate Release
Contact: David Rand for Hudson County Economic Development Corporation
HCEDC Awards NJCC $200,000 Grant to Provide Eligible Veterans & Families with Down Payment Assistance
(July 11, 2018) – The Hudson County Economic Development Corporation (HCEDC) and New Jersey Community Capital today announced a new Hudson County down payment assistance program targeting veterans and other low-income buyers. The program will provide a grant of up to $15,000 per household toward a down payment to qualified veterans or other eligible applicants who are purchasing primary residences in Hudson County. In addition to the down payment assistance, home buyers will be connected with affordable mortgage financing through non-profit credit unions and other qualified lenders. They will also receive free HUD-certified housing counseling helping to ensure sustained, successful homeownership.
“Hudson County is a great place to live and raise a family,” said Thomas A. DeGise, Hudson County Executive. “We have so much to offer: great transportation, green spaces and thriving urban areas. We want to make it more affordable and accessible for our resident families and newcomers who wish to call Hudson County home and to extend this opportunity to the men and women who have served our great country. We are committed to our veterans. Last year the HCEDC entered into an agreement with Garden State Episcopal Community Development Corporation to provide down payment assistance to purchasers of rehabilitated two-family homes.”
Owning a home is the first important step toward establishing a strong economic foundation for future generations. Michelle Richardson, HCEDC’s Executive Director stated: “Given NJCC’s use of counseling and affordable financing options – two of the more important ingredients for successful and sustained homeownership – HCEDC’s investment into this winning formula will prove to be a vital vehicle to improve the homeownership rates for participating veterans and families in Hudson County”.
“Home ownership is so much more than a place to live. It creates stable communities and helps a family build equity over time. As New Jersey’s largest non-profit community development financial institution with more than thirty years of experience in providing affordable housing, we know that coaching prospective owners through the purchasing process and making sure that their payments are realistic, affordable and sustainable helps them toward success. All New Jersey families deserve an opportunity to own their own homes, and no one more than those who have selflessly served our country,” said Wayne T. Meyer, President of New Jersey Community Capital.
The Down Payment Assistance Program is being funded by a $200,000 allocation from the Hudson County Economic Development Corporation. At least 50% of the grants are earmarked for qualified veterans. Other applications from limited-income homebuyers are welcome. Prospective homeowners are invited to apply through a website that will launch in August, https://www.hudsonedc.org/housing/. Counselors are available to assist buyers with the application process and will connect the buyer to non-profit credit unions offering affordable mortgage terms. HCEDC hopes to expand the program going forward.
To learn more about the Down Payment Assistance Program, go to https://www.hudsonedc.org/housing/ or phone 732-640-2061, ext.505.
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides innovative financing and technical assistance to support the development and preservation of sustainable community ventures that strengthen and stabilize neighborhoods. Founded in 1987, NJCC has invested over $630 million in New Jersey communities resulting in more than 9,000 jobs, 9,900 housing units, 6,800 early care slots and 18,900 education seats. For more information, please visit: www.newjerseycommunitycapital.org.
About Hudson County Economic Development Corporation
The Hudson County Economic Development Corporation (HCEDC) is a not-for-profit corporation in Hudson County that supports business retention, expansion and community development initiatives and provides business training and mentoring programs. Their work is undertaken in partnership with governmental, educational, civic and nonprofit partners. For more information, please visit: www.hudsonedc.org