THA to Assist Low-Income Households with Down Payments for Hope VI Homes
The Trenton Housing Authority (THA) HOPE VI program is offering a Loan-to-Purchaser (LTP) program for first time homebuyers who would like to purchase a home in the City of Trenton.
THA has budgeted HOPE VI funds for the LTP program. The funding will be provided as soft second mortgages to qualified low-income households for the purchase of homes within the City of Trenton. Buyers are also expected to contribute a minimum of $1,000 from their own funds. This program is available for 53 low-income households. All 53 homes to be purchased by participants in the Loan-to-Purchaser program will be affordable to households making no more than 80% AMI.
Residents of the City of Trenton are eligible to participate in this homeownership program and home purchases must be within the City limits. Applicants will complete intake applications with Passaic Street Housing LLC. After preliminary review of applications, Passaic will refer eligible applicants to Trenton Housing Authority (THA)and other participating agencies for homeownership counseling, credit repair and other needed services. CCCS’s curriculum will involve: review of the applicant’s credit report, monthly income, debt and living expenses; walking through the home-buying process; outlining the process for qualifying for a mortgage and assisting in initiating the application process; explaining mortgage products and options; outlining the ‘closing’ process; discussing the responsibilities and commitments of life as a homeowner as well as how to avoid foreclosure.
Applicants will be processed for loan on a first come first served basis, but public housing residents who successfully complete screening and secure a first mortgage commitment will be given priority. For more information on this program, please contact Passaic Street Housing at (609) 989-0005 or THA at (609) 278-5004.
Southwest Village II - First Phase of Hope VI Project
The first phase of the HOPE VI project is the construction of 52 units, known as Southwest Village II. This phase has already been completed and a few units have also been sold.
This new development, near the intersection of Spring Street and Passaic Street, will offer new homeowners the opportunity to invest in affordable 3 and 4 bedroom homes. When they are completed, the homes will be available for purchase at prices ranging from $115,000 to $138,000.
The new housing units will be between 1,700 & 1927 sq. ft, with energy efficient refrigerator and gas range appliances, hardwood floors, ceramic kitchen and bathroom floors and a 5 year tax abatement.
In addition to these new homes, the HOPE VI program is offering a Loan-to-Purchaser program for first time homebuyers who would like to purchase a home in the City of Trenton including homes in Southwest Village II. This program is offered to income eligible household and can provide up to $17,000 in down payment assistance for the home of your choice within the City of Trenton. For more information on this program, please contact Tara Developers at (609) 989-0005 or THA at (609) 278-5004.
In addition to a brand new home, new homeowners will be able to take advantage of the many community programs that THA is developing as a part of our Miller Homes redevelopment.