The Paterson Housing Authority received a $24,570 federal grant to run its homeownership counseling program.
Funds from the U.S. Department for Housing and Urban Development (HUD) will be used to help city residents become financially literate, expand their homeownership opportunities, improve access to affordable housing, and preserve homeownership.
“The more people know about their rights as tenants or homebuyers, the better housing they can provide for themselves and their families,” Rep. Bill Pascrell said in announcing the grant award on Thursday. “This grant will help the Paterson Housing Authority educate the tenants and homeowners it serves.”
“The primary goals of the Homeownership Counseling program are to instill financial literacy, encourage budgeting and responsible financial behavior, provide information on the home buying process, and prepare buyers for the unique maintenance challenges associated with owning a home,” Irma Gorham, executive director of the Paterson Housing Authority, said. “The ultimate goal is to increase the long-term sustainability of homeownership.”