REP. PASCRELL ANNOUNCES MORE THAN $42,000 HUD GRANT TO THE PATERSON HOUSING AUTHORITY
Funding to support housing counseling program’s efforts to assist city residents in improving their housing conditions
WASHINGTON, DC – December 23, 2010 – (RealEstateRama) — U.S. Rep. Bill Pascrell, Jr. (D-NJ-8) today announced a U.S. Housing and Urban Development grant of $42,866 to the Paterson Housing Authority for the agency’s housing counseling program.
“This grant will help the Paterson Housing Authority educate the tenants and homeowners it serves,” said Pascrell, a former Paterson mayor who serves on the House Ways and Means Committee. “The more people know about their rights and responsibilities as a tenant or homebuyer, the better and more secure homestead they can provide for themselves and their families. I’m very proud of the work and services the Paterson Housing Authority continues to provide this city. I will continue to fight to make sure the agency gets the federal support it deserves.”
The Paterson Housing Authority will use this funding to educate low- to moderate-income families in the homebuyer process in order to provide families with the skills and information that will assist them in maintaining and sustaining their home after purchase. This is achieved through home education group counseling and pre-purchase one-on-one counseling.
The primary objective of HUD’s housing counseling program is to help residents become more financially literate, expand their home ownership opportunities, improve access affordable housing and preserve homeownership. Counselors provide guidance and information to help families and individuals improve their housing conditions and meet responsibilities of tenancy and homeownership. Counselors also help borrowers avoid inflated appraisals, unreasonably high interest rates, unaffordable repayment terms and others conditions that can result in the loss of equity, increased debt, default and foreclosure.
Contact:
Paul Brubaker (973) 523-5152
