Burlington County Commissioners Modify Home Loan Program for Residents
The Burlington County Commissioners authorised significant revisions to the Burlington County Home Improvement Loan Programme in an effort to strengthen community housing programmes.
This programme, which helps low- and moderate-income households with necessary home repairs, has undergone significant revisions to better meet the requirements of the community.
Burlington County Offers $25,000 Support:
The Burlington County Home Improvement Loan Programme, which is recognised for its zero-interest delayed payment loans, now offers financial assistance of up to $25,000.
This financial help gives eligible homeowners the power to make necessary repairs or fix situations that aren’t up with requirements and could put people’s health and safety at risk.
The Burlington County Commissioners have approved changes to a County program that assists low- and moderate-income residents with critical home repairs:
The Burlington County Commissioners have approved changes to a County program that assists low- and moderate-income residents with critical home repairshttps://t.co/HhISHNIrFp
— Burlington County (@BurlCoNJ) January 18, 2024
Loan Forgiveness for Long-Term Residents:
Previously, loan recipients were required to repay the entire amount without interest when they sold their house or moved.
However, the commissioners’ recent judgement makes a humane change: debts can now be cancelled provided recipients stay in their houses for a period of ten years.
Program Funding and Administration:
The Community Development and Housing Division of the Burlington County Department of Human Services administers the Burlington County Home Improvement Loan Programme, which is funded by the United States Department of Housing and Urban Development (HUD).
Here are some of the latest news that will definitely grab your attention:
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Qualifications and Application Details:
To qualify for the loan, residents must be legal property owners and use the property as their primary residence. Income limits, in accordance with HUD rules, determine eligibility.
Homeowners seeking more information and wishing to apply can find comprehensive details online at program website or by contacting the Division of Housing and Community Development at (609) 265-5072.
Community Empowerment Through Housing:
These updates signify the commissioners’ commitment to fostering stable and secure housing for the community.
By providing enhanced support through the Burlington County Home Improvement Loan Program, they aim to empower homeowners and contribute to the overall well-being of residents.
Frequently Asked Questions
What exactly is Burlington County’s Home Improvement Grant?
The Burlington County Home Improvement Loan Programme offers zero-interest, deferred payment loans of up to $25,000 to income-eligible homeowners to undertake repairs or address poor conditions that may jeopardise their health and safety.
What is Burlington County’s first-time home buyer grant?
The First Time house Buyer Programme offers direct financial assistance to low-income Burlington County individuals in the purchase of their first house. Eligible applicants may be eligible for a loan of up to $4,000 in closing costs and an additional $5,000 towards their down payment.
What exactly is Burlington County’s Rapid Rehousing Programme?
The Burlington County Community Action Programme (BCCAP) provides financial support and stabilisation services to prevent individuals and families from becoming homeless, as well as to assist those who are homeless in being rapidly rehoused and stabilised.
