NJ program aims to help homebuyers after Sandy - Los Angeles Local News | FOX 11 LA KTTV

NJ program aims to help homebuyers after Sandy

NEPTUNE, N.J. (AP) - New Jersey is launching a program aimed at helping low- and moderate-income families buy homes in the counties hit hard by Superstorm Sandy.

Under a program announced Monday, applicants can receive up to $50,000 in interest-free mortgages from the state.

Those that stay in the home for five years and meet other requirements can have the loans forgiven.

The $25 million program could help up to 500 homebuyers.

The funding is part of a $1.8 billion federal grant to help New Jersey recover from the storm. Other housing provisions are helping people fix up damaged homes and buying out some in particularly flood-prone areas.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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