Ocean Inc/Gateway Community Action ERMA Partnership - Service & Outcome Summary in the Central/Southern NJ Region

In November 2022, Ocean Inc. was awarded the Emergency Rescue Mortgage Assistance (ERMA) grant contract from New Jersey Housing and Mortgage Finance Agency (NJHMFA). The grant offers financial assistance to eligible homeowners who experienced a significant decrease of income or increase of expenses due to COVID-19 and have been unable to remain current with their mortgage payments.

In an effort to ensure full regional coverage, Ocean Inc. partnered with Gateway Community Action Partnership who are providing ERMA assistance in additional Southern NJ Counties.

Since the inception of the program, Mark Lamela, Ocean Inc. HUD Certified Housing Counselor has coordinated a total of 258 applications of which 84 were approved for assistance. Fifty (50) current applications are pending completion and submission to NJHMFA for a final decision. Tracey Harris, Gateway Housing & Community Development Manager coordinated 91 applications with 24 approved. In total, the team has coordinated 349 applications to date. (See attachment)

The ERMA program offers relief up to $75K for eligible homeowners for:

-Mortgage reinstatement

-Delinquent property taxes

-Mortgage payments (principal, interest, taxes, insurance)

Eligible housing related costs, include:

-Escrow shortages

-Delinquent property taxes

-Municipal or tax liens

-Delinquent Homeowner Association (HOA) dues.

-Up to four future mortgage payments, inclusive of principal, interest, taxes and homeowner’s insurance

If eligible, a homeowner could receive up to $75,000 in the form of a three-year forgivable loan, with no interest or payments due. If the property is sold, transferred, or refinanced (except for refinances for a lower rate and/or shorter term) or the homeowner does not maintain the property as their primary residence during the three (3) year term of the mortgage and note, they must repay the ERMA Program funds.

If you or someone you know would like to learn more about the ERMA Program, contact Mark Lamela at (732) 244-5333- Ext. 1110 or at mlamela@oceaninc.org.

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