Mayor Steven M. Fulop and the city’s Division of Community Development (DCD) announced Oct. 17 the awarding of grant funding to help first-time homebuyers in Jersey City earning 80% or less of the area median income purchase homes through the Golden Neighborhood First-time Homeownership Program.
Designed to make homeownership more attainable for low- and moderate-income families, the program is implemented by the DCD and federally funded through the U.S. Department of Housing and Urban Development’s Home Investment Partnership Grant (HOME).
More than 1,600 eligible applicants entered the lottery, with funding being distributed to qualified recipients. Each awardee may receive up to 10% of the home purchase price for a down payment, plus $10,000 toward closing costs, with a maximum subsidy of $150,000 per household. The DCD increased grant amounts from $40,000 when the program was last implemented in 2018.
“This program opens the door for our low-income and working-class families to become homeowners and build stability for the future,” said Fulop. “We are proud to provide real opportunities for residents to invest in their community and strengthen neighborhoods through homeownership.”
The Golden Neighborhood First-time Homeownership Program provides financial support to first-time buyers who meet income eligibility guidelines and complete program requirements. To qualify, participants must secure a pre-approval mortgage, complete eight hours of HUD-approved homebuyer education, and obtain a certificate demonstrating their readiness for homeownership.
These steps will be discussed in DCD’s upcoming Housing & Mortgage Fair on Saturday, Oct. 25, at 39 Kearney Ave., Jersey City, from 11 a.m. to 1 p.m.
The Division of Community Development administers the Golden Neighborhood First-time Homeownership Program as part of its broader housing initiatives to promote equity, neighborhood revitalization and long-term housing stability. Once the list of eligible applicants is exhausted, DCD will open a new application period and conduct another lottery to continue helping more families buy their first homes.
