New Brunswick Tomorrow and New Jersey Community Capital Partner to Announce New Down Payment Assistance Program
FOR IMMEDIATE RELEASE: February, 2022
New Brunswick, NJ (February 22, 2022) - New Brunswick Tomorrow (NBT) is partnering with New Jersey Community Capital (NJCC) to announce a new down payment assistance program for first-time, low-and moderate-income homebuyers buying a home in New Brunswick’s Esperanza Neighborhood.
This new assistance augments current first-time homebuyer supports already available from the Esperanza Neighborhood Collaborative, which includes NBT, NJCC, and Puerto Rican Action Board (PRAB), Inc. This collaboration offers pre-homeownership education and counseling to help families develop a plan for homeownership. NJCC’s Address Yourself program also provides prospective homeowners with access to low-cost mortgage opportunities and a separate downpayment assistance program that can be applied to homes anywhere in NewBrunswick.
These down payment assistance (DPA) programs provide families with the resources needed to deal with the substantial up-front costs required to purchase a home. With over 80%of New Brunswick residents currently renting their homes, creating equitable pathways to homeownership is a vital tool to strengthen New Brunswick’s neighborhoods and increase economic mobility while reducing the racial wealth gap.
“This new homebuyer assistance is an exciting milestone in our revitalization efforts in the Esperanza Neighborhood and in NBT’s mission to move people forward,” says Charles Bergman, Director of Neighborhood Strategy at New Brunswick Tomorrow. “Many hard-working families cannot see beyond the ‘now’ as they live paycheck to paycheck and are unable to save for a down payment. This opportunity allows them to envision and plan for a stable future where they can create generational wealth with the purchase of their family home.”
Eligible homebuyers can benefit from awards up to $10,000 from NJCC’s DPA Program and up to $15,000 from the new Esperanza DPA Program. For homebuyers purchasing homes in the Esperanza Neighborhood, they can potentially combine the awards for up to $25,000 in assistance.
“We are thrilled to partner with NBT to launch the Esperanza Down Payment Assistance Program,” states Daniel Coghlan, Homeownership Manager of Address Yourself. “This assistance, alongside the resources and supports available through our Address Yourself initiative and the Esperanza Collaborative, will lower barriers to homeownership for many New Brunswick families, as well as those who wish to make New Brunswick home.”
For more information on eligibility and applying, email Diana Diaz Tapia, New Brunswick Tomorrow, at firstname.lastname@example.org or Daniel Coghlan, New Jersey Community Capital, at email@example.com.
The Esperanza DPA Program is made possible with funding from the New Jersey Neighborhood Revitalization Tax Credit (NRTC) program, overseen by the NJ Department of Community Affairs. NBT’s NRTC project is supported by contributions from participating business entities including Investors Bank; M&T Bank; NJM Insurance; PNC Bank; Provident Bank; PSEG; and Valley National Bank.
About New Brunswick Tomorrow:
New BrunswickTomorrow is a social impact organization dedicated to enriching the lives of New Brunswick’s people by improving quality of life for all who call New Brunswick home. NBT fosters networks of institutions and community organizations, serving as a catalyst in developing solutions that improve the issues that matter most to city residents. For more information, visit www.nbtomorrow.org.
About New Jersey Community Capital:
New Jersey Community Capital (NJCC) is a nonprofit community development financial institution (CDFI) that provides an innovative toolkit of financial products, programs and services to advance equity and opportunity in underserved communities. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods to ensure that communities can thrive. To learn more, visit www.newjerseycommunitycapital.org and Twitter: @NJCommCapital.
Michelle Villa,Associate Director of Communications
New BrunswickTomorrow, firstname.lastname@example.org