WASHINGTON, DC –- April 10, 2015 – (RealEstateRama) — Congressman Frank Pallone, Jr. (D-NJ) today announced two grants through the U.S. Department of Housing and Urban Development (HUD) Housing Counseling Program to help provide individuals and families with advice and information on housing issues. The goal is to improve financial literacy, expand homeownership opportunities, prevent foreclosure, and improve access to affordable housing. Through this program, the Housing Authority of the City of Perth Amboy has been awarded a $13,071 grant, and the Puerto Rican Association for Human Development in Perth Amboy has been awarded a $12,323 grant.
“These grants through HUD’s Housing Counseling Assistance Program will help to provide New Jersey’s families and individuals with accessible information and advice on being responsible and successful tenants and homeowners,” said Congressman Pallone. “I encourage New Jerseyans who may be struggling to keep or secure a home to take advantage of these resources.”
The grants to the Puerto Rican Association for Human Development and the Housing Authority of the City of Perth Amboy through HUD’s Housing Counseling Program can support a variety of housing counseling services to homebuyers, homeowners, low- to moderate-income renters, and the homeless. Counselors provide guidance and advice to help families and individuals improve their housing conditions and meet the responsibilities of tenancy and homeownership. Counselors also help borrowers avoid inflated appraisals, unreasonably high interest rates, unaffordable repayment terms, and other conditions, which can result in a loss of equity, increased debt, default, and foreclosure.
Organizations funded through this HUD program may also provide Home Equity Conversion Mortgage (HECM) counseling to elderly homeowners who are looking to convert equity in their homes into income that can be used to pay for home improvements, medical costs, living expenses, or other expenses.