By Anthony G. Attrino
Two grants through the U.S. Department of Housing and Urban Development will help Perth Amboy homebuyers, homeowners, low-to moderate-income renters, and the homeless find and secure affordable housing, according to U.S. Rep Frank Pallone, Jr.
The Puerto Rican Association for Human Development in Perth Amboy has been awarded a $15,952 grant, and the Housing Authority of the City of Perth Amboy has been awarded a $20,750 grant, according to Pallone, (D-6).
"These grants through HUD's Housing Counseling Assistance Program will help to provide New Jersey's families and individuals with the resources they need to be responsible tenants or homeowners."
Pallone said the grants can support a variety of housing counseling services to homebuyers, homeowners, low- to moderate-income renters, and the homeless.
Counselors provide guidance and advice to help families and individuals improve their housing conditions and meet the responsibilities of tenancy and homeownership. Counselors also help borrowers avoid inflated appraisals, unreasonably high interest rates, unaffordable repayment terms, and other conditions, which can result in a loss of equity, increased debt, default, and eventually foreclosure.
"When New Jerseyans are struggling to keep or secure a home, it's important that they have somewhere to turn for information, options, and advice before they abandon hope," Pallone said in a press release.
Organizations funded through this HUD 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, the release states.
Including the Puerto Rican Association for Human Development and the Housing Authority of the City of Perth Amboy in the Sixth Congressional District, 15 organizations around the state are receiving grants totaling $688,362 through HUD's Housing Counseling Program.