(Photo by Bastiaan Slabbers/NurPhoto via Getty Images)
New Jersey began accepting applications for up to $35,000 in mortgage assistance for homeowners impacted by the pandemic Tuesday.
The program, announced last month, is open to homeowners who can demonstrate they experienced pandemic-related financial hardship after Jan. 20, 2020, and whose income does not exceed 150% of their area’s median income.
You must own and occupy your residence to receive a loan from the Emergency Rescue Mortgage Assistance Program. You can apply here.
The program, administered by the Department of Community Affairs, is funded by $326 million in funds pulled from the federal Homeowner Assistance Fund, established with the passage of the American Rescue Plan last year.
The award is given in the form of a three-year forgivable loan. Homeowners who sell or transfer their home or stop using it as a primary residence would be responsible for repaying the loan.
The state and nonprofit New Jersey Citizen Action are providing free counseling services to aid homeowners with their applications.
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