TOMS RIVER — Six hundred families have achieved the dream of homeownership through Ocean County’s First-Time Homebuyer Program, officials announced.
The program, administered by O.C.E.A.N., Inc. since 1997, offers down payment and closing cost assistance to low- and moderate-income residents. Funded annually by the U.S. Department of Housing and Urban Development (HUD), the program awards qualified applicants a $15,000 deferred loan that is forgiven after six years. Buyers must contribute at least 3 percent toward their purchase.
“Helping 600 families achieve the dream of owning a home is truly something to celebrate,” said Ocean County Board of Commissioners Deputy Director Frank Sadeghi, liaison to the county Planning Department. “Each family represents a new story, a fresh start, and a stronger community for us all.”
Since its inception, the initiative has distributed $5.6 million in HUD funds to help purchase $86 million in property across the county. The average home price since 2020 has been about $204,000, though HUD currently allows a maximum purchase price of $475,000 for single-family homes in Ocean County.
Beyond financial support, program requirements include HUD-certified homeownership education workshops, proof of steady employment, and sufficient income and credit history.
“Ocean County is built on strong families and strong communities,” Sadeghi said. “This milestone shows what can happen when we invest in our residents and give them the tools to succeed.”
For more information, visit the Ocean County Planning Department website or contact O.C.E.A.N., Inc. at 732-244-5333.
