Low- and moderate-income homeowners from Wildwood Crest may qualify for interest-free loans for home improvements under a prior program utilizing funds from the Small Cities program made available through the New Jersey Department of Community Affairs.
These zero-interest deferred loans are available on a limited basis to make major systems upgrades and bring dwellings up to code. The program allows for repairs for items such as roofing, heating, electric, plumbing, flooring, new windows, doors, sagging ceilings, paint and other code requirements. Priority for use of these funds is for emergency repairs. The program provides that the funds are a grant until such time that there is a sale or transfer of title to the property when the rehabilitation assistance is then refunded to the rehab revolving account.
To qualify, homeowners must have total gross household income by family size at or less than the amounts published by the Department of Community Affairs. In addition, property taxes and utilities must be current, the property must be covered in the homeowner’s insurance policy and a recorded deed indicating the property owner or owners must be presented.
For further information about this program, contact Michael Borrero of Triad Associates at (856) 690-9590 or via email at mborrero@triadincorporated.com.
