Quote:

What a horse-siht comment - its a cheap investment to give a grant to a low income family, then STING them later with high property taxes.
Is there a commission kick-back for someone from banks who help families get that minimum deposit.

You're are such a wanker Healy.

Grants help 3 families join homeowner ranks

Saturday, June 16, 2007
By KEN THORBOURNE
JOURNAL STAFF WRITER

Three Jersey City families joined the ranks of new homeowners yesterday thanks to a federally funded program administered by the city.

The initiative, known as the "Golden Neighborhoods Homeownership Program," provides income-qualified families with up to $40,000 to cover 10 percent of their downpayment and closing costs.

"We are so happy. It's our first home," said Victor Solano, who with his wife Nidia closed yesterday on a two-family home on Neptune Avenue. "In one or two weeks we'll move in."

The Solanos received $38,810 from the program, officials said.

Also closing on new homes yesterday at the law offices of Corrado and Martella on Summit Avenue were Orin Joseph and Karen Rollins, who received respectively $36,500 and $40,000, city officials said.

Darice Toon, director of the city's Division of Community Development, explained that the program receives roughly $1 million a year from the federal government.

Nearly 1,800 people have applied for the assistance, but only those earning between 50 and 80 percent of Hudson County's median income are eligible, she said. And among those, they must be credit worthy, she said.

Last year, the city gave out 17 of the grants and with yesterday's three closings, have matched that mark. The goal is to give out at least 20 grants this year, Toon said.

"I believe someone who owns a home, pay taxes . has a real stake in the community and makes the city safer," said Jersey City Mayor Jerramiah Healy, who arrived yesterday to congratulate the new homeowners. "People who own homes are the backbone of the city."