SOUTH JERSEY (KYW Newsradio) — Homeownership, once a core tenet of the American dream, has become increasingly more difficult for working-class Americans to obtain. In New Jersey, state Sen. Troy Singleton said he is trying to bring that dream back within reach for his constituents.
“Owning a home is the primary way that so many families build wealth, and for far too many New Jersey residents, that opportunity is out of reach,” Singleton said.
He is sponsoring a bill that would make it easier for low- and moderate-income families to pursue homeownership and help with some of the roadblocks they’ve faced in the process, like not having enough money on hand for a down payment.
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The bill would establish the "New Jersey American Dream Program" and appropriate $25 million to provide financial assistance for would-be homeowners.
This proposed program would provide grants up to $10,000 or up to 6% of the home’s purchase price, whichever is greater.
“The program would provide down payment assistance or home repair assistance for first-time homebuyers in order to defray the cost associated with whether you’re acquiring that home or rehabilitating a single-family home as your primary residence,” Singleton said.
“It’s a pretty straightforward deal.”
But first, recipients would need to complete an eight-hour course on the basics of homeownership.
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“It’s really a unique way to promote generational wealth and [give] everyone have access to some portion of the American dream through homeownership,” he said.
Singleton’s bill has advanced through committee and is poised to go to a full vote, and he hopes it will pass when it comes up this summer.
You can read the full bill text below.
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