County commissioners recently approved first-time homebuyer assistance to four residents who purchased newly constructed Habitat for Humanity homes in Cinnaminson.
The Burlington County Commissioners have helped new residents fulfill their dream of becoming homeowners.
The commissioners voted last month to approve $80,000 in assistance to four buyers under the county’s first-time home buyers program. Each eligible buyer got a no-interest loan of $20,000 to be used for down payments, closing costs and interest reduction.
All four purchases were in a new Habitat for Humanity development in Cinnaminson. A dozen home buyers have received help through the county program this year alone, including in Willingboro, Mount Holly, Delran, Mount Laurel and Burlington City.
The home buyer program is federally funded and administered by the Housing and Community Development Division of the county’s Department of Human Services. It was revamped in 2023 to increase assistance. Up to $15,000 is now available for down-payment help and a maximum of $10,000 is available for closing costs and interest reduction.
Eligibility is limited to individuals and families who do not exceed federal income limits. Loans for both the down payment and closing costs/interest reduction will be forgiven after 10 years, but must immediately be repaid if the recipient sells a home before 10 years or ceases to reside there.
That marks a change; the program previously required all down-payment loans to be repaid whenever the home is sold, regardless of how long the buyer lived there.
