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DOWNPAYMENT ASSISTANCE
MIDDLESEX COUNTY GRANT

The Middlesex County Department of Housing and Community Development will award $7,500 in downpayment and closing cost assistance to income eligible first time homebuyers under the US Dept. of Housing and Urban Development (HUD) American Dream Downpayment Initiative (ADDI) program.

Basic Program Requirements

1. Applicants must be a first time homebuyers and have completed a one day homebuyer training course within the past year offered by one of the following:

Puerto Rican Action Board - Housing Coalition Unit – Phone (732) 249-9700

Faith Fellowship Community Development Corp. – Phone (732) 727-9500

Any other HUD certified housing counseling agency

2. Applicants apply when they are under contract to purchase a single family property. Eligible properties are detached homes, townhouses, condos, and co-ops. The purchase price of the property cannot exceed four times the certified income level of the household, with an overall maximum of $334,400.

3. Applicants must have a mortgage pre-approval.

4. Applicant must purchase housing in the following Middlesex County municipalities:

Carteret    Highland Park    North Brunswick    South Brunswick

Cranbury    Jamesburg    Old Bridge     South Plainfield

Dunellen    Metuchen    Piscataway    South River

East Brunswick    Middlesex    Plainsboro    Spotswood

Edison    Milltown     Sayreville    Woodbridge

Helmetta    Monroe    South Amboy

(Please note that New Brunswick and Perth Amboy are not eligible municipalities)

5. Household income does not exceed the following limits:

One-person - $56,100    Five-person - $86,500

Two-person - $64,100   Six-person - $92,900

Three-person - $72,100 Seven-person - $99,300

Four-person - $80,100   Eight-person - $105,700

6. The property being purchased must pass County’s Housing Quality Standards inspection and be certified free of lead based paint hazards if built prior to 1978.

7. Applicant must be putting down at least 1% of the purchase price from their own funds.

8. Assistance will be in the form of a deferred repayment mortgage, which doesn’t require payment of principal or interest by the homebuyers provided they own and live in the property for six years.

Homebuyers who sell the property before this time will be required to pay back the full amount of the ADDI assistance, plus 4% simple interest.

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