Mortgages, Remortgages and Home Loans

Mortgage Broker With the support of City Commission, the Holly City Development Corp., a subsidiary of the Millville Housing Authority, will apply to the state for approval to develop 19 homeownership units through the new Market Oriented Neighborhood Investment program known as MONI.

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Mortgage Lead The initial phase will involve the construction of 13 homes and the rehabilitation of six existing structures. Fourteen of them will be in the 3rd Ward, while five of the new homes will be on the former Western School site on the west side of the city, according to Dale Gravett, executive director of the Millville Housing Authority.

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Reverse Mortgage "There will be no city money involved," Gravett said in a phone interview. "This will be state financed.

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Mortgage Quote "The MONI program is intended to help stabilize neighborhoods as well as to stimulate economic growth," Gravett said. Most homes will be sold at market rate, with three properties to be sold at more affordable pricing due to state subsidies.

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Florida Mortgage Gravett said that the MONI program is designed to encourage the development of mixed-income housing in the state's urban areas and to assist with the revitalization and redevelopment of neighborhoods.

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California Mortgage Loan MONI has three distinct components: construction financing, Homeownership Incentive Fund and permanent end loan financing.

Florida Mortgage Loan If approved, Holly City Development will use all three components in building the homes and obtaining mortgage financing, Gravett said.

California Mortgage "Although no funds are coming directly from HUD (Department of Housing and Urban Development) for this homeownership effort, the housing authority will use this program as a first phase for our HOPE VI application," Gravett said.

Bad Credit Loan Mortgage If approved by the state, development in the MONI program could get under way by next summer, according to Gravett. He said that the expected dollar impact is unknown as the budget is still being developed, but said that it should fall somewhere between $1.5 million to $2 million dollars.

Commercial Mortgage The next step is to seek Planning Board support at its Nov. 10 meeting, Gravett said.

Lowest Mortgage Rate In a related matter, an ordinance was introduced to approve the conveyance of property at 106 West McNeal St. to the Holly City Development Corp. for one dollar for construction of residential housing for the MONI program. Holly City Development will pay the city $200 to cover the cost of document preparation.

Gmac Mortgage By Joyce Vanaman
The Press of Atlantic City - 10/22/2003

Topic: Sprawl

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