The Esperanza Down Payment Assistance program has granted up to $30,000 in closing cost support to first-time homebuyers in New Brunswick's Esperanza neighborhood.
NEW BRUNSWICK, N.J., Oct. 24, 2023 /PRNewswire-PRWeb/ -- New Jersey Community Capital's (NJCC) Address Yourself program, in collaboration with New Brunswick Tomorrow (NBT), announced today the first residential real estate closings under the Esperanza Down Payment Assistance (DPA) program. The joint initiative, launched in February of 2022, is aimed at fostering homeownership for first-time, low and moderate-income homebuyers in New Brunswick's Esperanza neighborhood.
The collaborative grant provided three New Jersey families up to the maximum allowance of $30,000 to support purchasing their first homes. The Velas, the program's inaugural family to complete a home purchase, are long-time volunteers with New Brunswick Tomorrow's Esperanza Neighborhood Project. NJCC began working with the Vela family in December of 2021, providing homeownership counseling to support their effort to become "homebuyer ready," including qualifying for a mortgage. Administered by NJCC, the DPA program is an integral component of NBT's Neighborhood Revitalization Tax Credit (NRTC) initiative, endowed with a $160,000 fund.
"After residing as renters for over 17 years in New Brunswick, we are overwhelmed with gratitude for the opportunity to become homeowners," expressed the Vela family. "The support we received from New Jersey Community Capital and New Brunswick Tomorrow's downpayment assistance program has transformed the lives of our family of six. What once seemed like a distant dream has now become our reality. We are excited to create lasting memories here and are grateful to all who played a role in making this possible."
"This achievement of our first closings exemplify our shared dedication to empowering individuals and families to achieve homeownership, fostering community growth and stability," said Bernel Hall, President and CEO of NJCC. "These grants and programs play a pivotal role in dismantling financial obstacles connected to homeownership, thereby fostering a more equitable path to building wealth. We look forward to expanding the reach of our Down Payment Assistance programs and making a lasting impact in the lives of many more aspiring homebuyers."
DPA programs provide families with the resources necessary to support the significant up-front costs required to purchase a home. The financial support granted by NJCC and NBT will help families who live in Esperanza, where the median household income is approximately $38,000, compared to the statewide median of $72,000.
"We are thrilled to witness the successful closings of the initial homes in this partnership between NJCC and NBT," said Jaymie Santiago, President & CEO of NBT. "This marks a crucial step towards fulfilling our shared commitment to empowering individuals within the Esperanza neighborhood, helping families set roots and opportunities to build wealth in a vibrant community."
The Esperanza DPA program is made possible with funding from the New Jersey NRTC program, overseen by the NJ Department of Community Affairs and supported by contributions from participating business entities including Investors Bank, M&T Bank, NJM Insurance, PNC Bank, Provident Bank, PSEG and Valley National Bank.
New Brunswick Tomorrow will be hosting the 'Building Wealth for Our Families: Conference and Resource Fair', on Tuesday, October 24 from 5:00 -8:30pm EST. To register please visit: bit.ly/nbt-1024. For more information on eligibility and the application process email New Jersey Community Capital, at [email protected].
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‥http://www.newjerseycommunitycapital.org.
About CAPC Address Yourself Program
The Address Yourself homeownership program is a comprehensive homeownership initiative administered by New Jersey Community Capital's real estate development subsidiary, Community Asset Preservation Corporation (CAPC). The program, which launched in 2016, is committed to removing barriers to homeownership for low- and moderate-income families and individuals in New Jersey by providing support throughout the entire homebuying journey including down payment assistance and pre-purchase counseling. Prospective homeowners can leverage additional programs through Address Yourself including the NJCC Statewide Down Payment Assistance program, which offers between $10,000 and $30,000 to eligible homebuyers. In 2023 alone, NJCC disbursed $1,800,000 in down payment assistance to 118 New Jersey families.
About New Brunswick Tomorrow
New Brunswick Tomorrow 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 http://www.nbtomorrow.org.
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SOURCE New Jersey Community Capital
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