The Township of Mount Laurel Market to Affordable Program utilizes affordable housing trust fund monies to provide up to $40,000 subsidy to qualified applicants in order to buy market rate homes in target areas at a price affordable to low or moderate income households.

 

EXAMPLE: 

 

3 Bedroom Condominium with $145 Homeowners

 

On the market for:    $165,000

Mt. Laurel Program Subsidy: - $32,500

Burlington County 1st Time Home buyers (see below): -$9,000

Affordable Sales Price:   $123,500

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The affordable sales price is what a qualified home buyer must fund - through a conventional mortgage, cash or a combination of the two. FHA and VA mortgages are not eligible for this program.  The affordable sales price is the amount that the deed restriction will be made and the basis for taxes and re-sales.

 

Application Process:

 

Pre-applications are currently being accepted to be added to the list for the Market to Affordable Program.  In order to be eligible for an affordable housing unit, you must meet certain income limits as determined by the New Jersey Affordable Housing guidelines. For income guidelines click here.

 

Applicants will be required to obtain a mortgage pre-qualification (have a minimum credit score of 620; no recent judgments, bankruptcies or foreclosures).  Triad will provide a list of qualified mortgage lenders - this program does not accept FHA or VA loans.  Once pre-qualified, a full application with documentation that will determine their eligibility for the program subsidy from Mount Laurel Township to assist with down payment, closing costs and minor repairs.  All homes purchased through this program become deed restricted to ensure continued affordability for the next buyer.

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Triad Associates has been designated by the Township of Mount Laurel to act as the program Administrative Agent to qualify and assist home buyers through the Market to Affordable home purchasing process.  When you are next on the list you will be contacted by a Triad representative.

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