The Burlington County Commissioners helped additional Burlington County residents fulfil their dream of becoming homeowners.
The Commissioners voted last month to approve $25,000 in assistance to four buyers under the County’s first-time homebuyers program. The aid will be used for downpayments, closing costs and interest reduction.
The homes being purchased are in Edgewater Park, Burlington City, Bordentown Township and Evesham.
Sixty-one homebuyers have received assistance from the program since 2023, including 36 since the Commissioners approved changes last summer to make the program more responsive to market conditions and the needs of low- and moderate-income families.
“We want residents of all incomes and backgrounds to be able to live safely and securely in our county and benefit from our outstanding communities, schools, job opportunities and quality of life,” said Burlington County Commissioner Director Felicia Hopson. “The first-time homebuyer program makes home ownership obtainable for many young adults and working families. Assisting them allows an entirely new generation of residents access to the economic benefits of homeownership while also keeping our local communities diverse, vibrant and strong.”
Burlington County First-Time Homebuyer Program is federally funded and run by the Housing and Community Development Division of the Burlington County Department of Human Services. It provides first-time home buyers with no-interest, forgivable loans for down payments and closing costs or interest rate reduction.
The program was revamped last year to increase the available assistance to a maximum $15,000 for downpayment help (up from $5,000) and a maximum of $10,000 for closing costs and interest reduction (up from $4,000).
Eligibility is limited to individuals and families seeking to purchase a home in Burlington County who earn no more than 80% of the median family income, which ranges from $64,250 for a single and $91,750 for a family of four, up to $121,150 for a family of eight. The purchase price of a home must also be below $385,000.
Loans for both the downpayment and closing costs/interest reduction will be forgiven after 10 years but must immediately be repaid if the recipient sells before then or ceases to reside in the property. This is a change to the program, which previously required all downpayment loans to be repaid whenever the home is sold, regardless of how long the buyer lived there.
“The changes were a response to market conditions and were designed to ensure that hardworking families are not shutout of any of our local communities,” said Hopson. “In less than a year, we’ve already helped dozens of families buy homes here, including many young adults who might otherwise had to look outside of Burlington County.”
State Senator Troy Singleton, chair of the Senate Community and Urban Affairs Committee, praised Burlington County for expanding assistance to help more first-time homebuyers, saying it mirrors efforts made by the New Jersey Legislature to offer more assistance to first-generation buyers statewide.
“Owning a home is an integral part of the American Dream and it is encouraging to witness Burlington County’s success helping dozens of hardworking residents achieve that dream and be able to build generational wealth,” said Senator Singleton.
Residents seeking an application or more information about the First-Time Homebuyer Program should contact the Division of Housing and Community Development at 609-265-5450 or go online to https://www.co.burlington.nj.us/257/Community-Development-Housing.