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Assisted Housing Benefit for Town Employees Unveiled

IRVINGTON, NJ-Fannie Mae, New Ark of Hope and BNY Mortgage Co. have joined together to form a partnership to help employees of the Township to obtain a mortgage and buy a home here.

By Amy Vaughn | Updated on May 24, 2001

IRVINGTON, NJ-The New Ark of Hope Foundation, an affiliate of Catholic Community Services has joined Fannie Mae and BNY Mortgage, a Bank of New York Co., in a partnership to provide an assisted housing benefit program to employees of the Township. Interested employees will have to participate in New Ark’s Homebuyer’s University and then will qualify for assistance from the partners.

Once an employee completes the New Ark homebuyer workshop, they will be given a New Ark grant of as much as 5% of the purchase price of the home to serve as the down payment. Then Fannie Mae will purchase the first mortgages that BNY Mortgage will initiate for this program.

New Ark is currently rehabilitating four homes here that will be available for purchase under the program. The organization buys or is given through charitable donation vacant lots or abandoned homes. New homes are built or the old ones are rehabilitated. Then the house is sold to moderate- to low-income buyers. In many cases, New Ark funds the down payments and closing costs.

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