'American Dream' funds can lead to home BY KATHY CHANG Staff Writer NEW BRUNSWICK - First-time home buyers can get some financial help from the Middlesex County Department of Housing and Community Development. "We will offer down payment and closing cost assistance to income-eligible, first-time home buyers in Middlesex County," said Melissa Palfy, the department's program monitor. Home buyers must be enrolled in the federal Department of Housing and Urban Development (HUD) American Dream Downpayment Initiative (ADDI) program, said Palfy. "An applicant must be a first-time home buyer, who has completed a home buyer training course," said Palfy. Training courses offered by the Housing Coalition of Central Jersey Inc., Faith Fellowship Community Development Commission in Sayreville, or another HUD certified housing counseling agency are acceptable, she said. "Counseling will include both group home ownership training and one-on-one counseling," said Palfy. The home buyer must meet income-eligibility based on family size; they must have the ability to obtain a mortgage; the ability to purchase a single-family home (including condominium and townhouse); and their home must pass a housing quality standards inspection and be certified free of lead based paint hazards, Palfy said. American Dream Downpayment Initiative funds are federal funds awarded to Middlesex County as a HOME Consortium jurisdiction. "All towns and boroughs are eligible in the county, except New Brunswick and Perth Amboy, because they are not members of the HOME Consortium," Palfy said. The down payment assistance includes: + A minimum of a $9,200 loan to each eligible household. Assistance will be in the form of a deferred repayment mortgage, which doesn't require payment of principal or interest by the home buyers provided they own and live in the property for the 10-year term of affordability. + Home buyers who sell the property before this time will be required to pay back the full amount of the ADDI assistance, plus interest. First-time home buyers' household income must not exceed the following limits: One person household, $51,500; two person household, $58,900; three person household, $66,200; four person household, $73,600; five person household, $79,500; six person household, $85,400; seven person household, $91,300; eight person household, $97,200. Anyone interested may apply through the Housing Coalition of Central Jersey, 100 Bayard St., third floor, New Brunswick. For additional information on the program, contact Melissa A. Palfy, Middlesex County Department of Housing and Community Development, at (732) 745-2922 or melissa.palfy@co.middlesex-.nj.us.