Three Homes Completed Under Gloucester County Neighborhood Stabilization Program
(Paulsboro, NJ) - Gloucester County Freeholder Director Robert M. Damminger and Freeholder Heather Simmons announced that three homes have been fully renovated under the Gloucester County Neighborhood Stabilization Program (NSP) and are going on the market for sale. The county, which received $2.5 million federal NSP grant, has been using the funds to substantially rehabilitate 13 foreclosed or abandoned homes in Woodbury and Paulsboro and make them available for purchase at excellent prices.
An open house has been scheduled for 700 Clonmell Road, 413 Morton and 417 Morton Avenue in Paulsboro for Saturday, July 16th from 10:00 a.m. to 2:00 p.m. All interested buyers are invited to attend.
Freeholder Director Damminger said, "The County has facilitated the sale of two units in Paulsboro and three others located in Woodbury and Paulsboro are scheduled for settlement at the end of the month. Families are taking advantage of this great opportunity of homeownership and our neighborhoods are being revitalized."
Freeholder Heather Simmons said that the three homes that are being shown this weekend are among the 13 homes in the NSP Program that are being fully renovated utilizing the federal grant.
"These are beautifully renovated homes and we are seeing a lot of success with this program. There are only five completed homes available for purchase at this time," said Simmons, liaison to the Department of Economic Development.
"The goal of this program is being realized," Simmons said. "When homes are abandoned or foreclosed everyone in the neighborhood suffers. Renovating these homes and selling them to families who have learned the financial tools and responsibilities of owning a house helps lift the value of the community," Freeholder Simmons stated. It is required that eligible homebuyers complete an eight hour home-buying counseling course.
The units at 413 and 417 Morton Avenue are both two bedroom ranches, located on a quiet street in Paulsboro and will be sold for $80,000. 700 Clonmell Road is a three bedroom two story unit with a wrap-around porch that is also being sold for $80,000.
The homes are in "move-in"; condition and just like brand new homes. The homes are located convenient to schools, public transportation, shopping, medical services, a public park and recreation areas.Buyers pay no more than 35% of their gross household income for housing costs (mortgage, real estate taxes, and homeowner's insurance). Applicants will be required to have a minimum credit score of 620 in order to obtain mortgage pre-approval. Down payment and closing cost assistance may be available.
If you are interested in applying to purchase any of these units contact Dawn at Triad Associates at 856-690-5749 to request a Preliminary Application. Pre-applications are also available at the Borough of Paulsboro Library and at www.triadhousingprogram.com.