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Housing

The Housing Assistance and Recovery Program (HARP).

The Housing Assistance and Recovery Program (HARP) is a state of New Jersey mortgage and foreclosure assistance program that helps families and individuals who are facing foreclosure. The purpose of this help is to enable the family to stay in their home while paying reasonable rent, with the eventual goal of allowing the homeowner to repurchase the property.

The New Jersey Housing and Mortgage Finance Agency (HMFA) can help you with grants and other financial support through the Housing Assistance and Recovery Program Support Fund. Give them a call at 609-278-7400 to learn more. The money will be given to nonprofit organizations and public entities, who will then use the funds to help existing homeowners who meet program requirements to buy their homes. A total of $15 million will be given out, and the money is coming from the Long Term Obligation and Capital Expenditure Fund. The income limits and other program criteria for the Mortgage Stabilization Program are the same as for this program.

Qualifications that need to be met

There are a number of requirements that homeowners must meet. The applicant must be in danger of losing their home due to unemployment, a medical emergency, or some other financial crisis such as the loss of government benefits. The homeowner must have owned the residence for at least one year. The applicant must provide evidence to support their claim in order to go through the formal application process.

Not all homes are eligible for this program. The primary residence in New Jersey must be owner-occupied, and can be a single-family home or a two- or three-family unit. The house should be in decent condition and livable, as houses that are in poor condition or that are considered unlivable will not qualify for the Housing Assistance and Recovery Program. This means that the lease-purchaser can only sell the home back to the original sponsor for the same price or less than what they paid for it.

The program allows non-profits and other groups across New Jersey to borrow money from the state fund. They can then take steps to prevent a foreclosure and the resulting eviction from the home. This means that the organization has bought a home that was foreclosed and is now renting it back to the original occupants. The family would need to pay rent for a set amount of time until they can buy back the home from the non-profit, or until they can move to a more affordable apartment or home. The house cannot be sold to them for more money than it is worth.

Innovative program can help hundreds of homeowners in New Jersey to keep their home and provide them time to get back on track financially. It will also help keep towns and neighborhoods from having too many vacant and/or foreclosure homes, so it reduces blight.

The NJ Housing Assistance and Recovery Program can help families reestablish their credit and provide them time to save money if they pay rent to live in the home. They have a place to live while they do all of this.

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