Fair Housing - Urban Home Ownership Preservation

One of the primary reasons that predatory lending flourishes in urban areas is the absence of affordable financing for major home repairs. In the city of East Orange, the Institute has worked together with the municipal government's office of Housing and Economic Development and Hudson City Savings Bank to develop a multifaceted home repair package for city residents including an affordable 30-year loan; a professional review of construction needs and associated cost estimate; qualified contractors; oversight of the construction process; and homeowner maintenance and financial education for loan recipients. The program allows the City of East Orange to offer services that preserve and stabilize aging housing stock in neighborhoods throughout the city and provides residents with an affordable source of financing. The first loans are expected to be issued early in 2008. These loans will respond to the needs of East Orange residents who have been on the city's waitlist for assistance to stabilize or address safety issues. The Institute will document the program for potential expansion and duplication in other communities throughout the County and the state.

«back