Eligible first time homebuyers benefit from an increase in the maximum mortgage assistance from $40,000 to $55,000
Hackensack -- The Bergen County Board of County Commissioners are poised to pass a resolution on Wednesday November 3 that will increase the maximum amount of mortgage assistance provided by the American Dream First Time Homebuyer Program from $40,000 to $55,000. First time homebuyers with an approved application for the one-year period November 3, 2021 through November 3, 2022 will be able to make use of the assistance.
The Bergen County American Dream First Time Homebuyer Program, managed by the County’s Division of Community Development, receives annual grants from the U.S Department of Housing and Urban Development to support first time homebuyers with mortgage and down payment assistance. Since the beginning of the Covid-19 Pandemic, prices of residential homes and condominiums for sale in Bergen County have drastically risen, taking home ownership out of reach for many Bergen County residents, especially for those trying to purchase a home for the first time. As in previous years, applicants can receive a matching home down payment of up to $10,000, which is forgiven one-tenth per year for ten years.
“The Board of Commissioners continues to be deeply committed to improving the lives of Bergen County residents, particularly those most adversely impacted by the pandemic,” said Bergen County Commissioner Ramon M. Hache, Sr., as well as Liaison to The Division of Community Development. “The ripple effects of the pandemic have placed achieving the American dream of home ownership unattainable for some of our residents so we must act to bring it back to within reach. We will continue to work towards making Bergen County an even better place to live, work, and raise a family, he added.”
“The Bergen County American Dream First Time Homebuyer Program provides an entryway to homeownership for residents looking to purchase their first home,” said Bergen County Executive Jim Tedesco. ”With the price of homes continuing to rise, increasing the assistance level to $55,000 will continue to provide fair and equable access to Bergen County residents aspiring to soon be homeowners.”
For information on eligibility, go to https://www.co.bergen.nj.us/community-development/american-dream-program. For an application, individuals should call or email The American Dream Program at One Bergen County Plaza, 4th floor, Hackensack, NJ 07601. They also have the option of calling (201) 336-7206, sending a fax to (201) 336-7248, or sending an email to email@example.com.