The Board of Chosen Freeholders has designated a portion of these funds to be made available through the Home Improvement Loan Program, which is administered by the Department of Economic Development. Examples of eligible work include foundation, plumbing, heating and electrical repairs, roof work, termite and dry-rot repairs, water and sewer hookups, energy conservation measures and remodeling to provide wheelchair accessibility. Loans are made for the rehabilitation of owner-occupied single family houses only. The specific rate and term of each rehab loan is based on the applicant's total household income and total indebtedness.
Loans are limited to single family dwellings.
All loans are secured by a promissory Note and a Mortgage which will be recorded and will become a lien on the property. The loans may be paid ahead of time in part or in full without penalty. The loan is not assumable. Should the property be sold during the life of the loan, or should title to the property change for any reason, or should the property become other than a single family-owner occupied dwelling, the outstanding loan balance will become due and payable. In certain cases, a Deferred Payment loan may be approved.