Sandy Homebuyer Assistance Program
As of September 30, 2013, the Sandy Homebuyer Assistance Program is no longer accepting applications.
The Sandy Homebuyer Assistance Program (SHAP) is designed to provide qualified homebuyers with up to $50,000 in an interest-free, forgivable loan to purchase a home in any of the nine New Jersey counties (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Union) the federal government designated as the most impacted by Superstorm Sandy.
Superstorm Sandy depleted both owner-occupied and rental housing stock. As a result, low- to moderate-income (LMI) families faced limited housing options in the aftermath of the storm. The SHAP program gives LMI families the opportunity to purchase a home by providing financial incentives to do so.
The SHAP program generated nearly 9,000 applications in the first 60 days of the program’s launch, far exceeding the funding capacity of 500 loans. Because of the overwhelming response, the program was closed to new applicants on September 30, 2013.
The State continues to work with qualified applicants to award the total $25 million of Community Development Block Grant (CDBG) Disaster Recovery funds allocated to the program. Applicants who did not qualify for assistance were matched with a housing counselor to identify available programs and options, further assisting with the post-Sandy housing recovery process.
For more information, please visit the Sandy Homebuyer Assistance Program web page.