NOTICE TO GLASSBORO BOROUGH HOMEOWNERS!
The Borough of Glassboro Affordable Housing Program Is Accepting Applications from Homeowners for the Borough Housing Rehabilitation Program for Home Repair Loans To Low and Moderate Income Homeowners.
TYPE OF LOANS & TERMS
Loans are issued in the form of “deferred loans”. Loan funds are secured by a mortgage note held by the Borough of Glassboro. Under most circumstances, when the deed of the property is transferred from the original applicant, the loan is repaid to the BOROUGH. At no time are monthly payments required or interest added.
The purpose of the program is to address code related items & weatherization needs. The types of repairs covered are Heating Systems, Hot Water Heaters, Plumbing, Electrical, Roofing, Structural Issues, Windows, Doors, Handrails, Deteriorated Concrete, Siding Repairs and Steps. Items are addressed by priority starting with major systems.
Additions and interior decorating are not eligible.
To qualify for a Housing Rehabilitation Loan, the applicant must meet the following eligibility requirements:
· Must Be an Owner Occupant (Full-Time Resident)
· Real Estate Taxes, HOA Fees, And Municipal Utilities
Must Be Current
· Homeowner’s And Flood Insurance Must Be Valid (If Applicable)
· Gross Annual HOUSEHOLD Income Must Be Less Than 80% Of The Median Income Limits.