Cherry Hill Uses $601K For Mortgage, Rental Assistance Program

CHERRY HILL, NJ — Cherry Hill has launched a new program that helps residents who have struggled to pay their mortgage or rent amid the coronavirus pandemic, officials announced.

The Rental & Mortgage Assistance Program is funded using $601,000 in Community Development Block Grant money the township received as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, according to township officials.

It is available to township renters and homeowners who have seen a substantial reduction in income due to the pandemic, and who also qualify as low- or moderate-income, defined as households at or below 80 percent of the Area Median Income.

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Applications will be reviewed by township officials and Triad Associates, a New Jersey grant consultant agency which can also provide technical assistance to township residents in completing the grant application.

Those who are approved will be eligible for up to three months of financial assistance, either for current payments or past-due payments dating back to March 1, 2020.

“As vaccination rates increase, and we emerge from the pandemic, we must not forget that many of our residents are still facing financial distress due to the pandemic and struggling to catch up on crucial expenses like housing,” Cherry Hill Mayor Susan Shin Angulo said. “This new program will go a long way to ensure these residents will be able to pay their rent or mortgage bills and ultimately give them peace of mind that they and their families will continue to have a safe, secure place to live. I want to thank and commend Cosmas Diamantis and Natalie Shafiroff from our Community Development office for setting up this program so that these funds get distributed as quickly as possible to those who need them.”

“This program helps residents in need, as well as providing greater financial stability for our local economy,” Cherry Hill Council President David Fleisher said. “Council is proud to support this win-win initiative for our community.”

Electronic applications for assistance will be posted on the Cherry Hill Township municipal website at http://www.cherryhill-nj.com/COVIDHousingAssistance and go live on May 15, according to officials.

Residents must be able to document the loss or reduction of their income, demonstrate that the coronavirus pandemic has had a negative impact on their annual income and provide statements that their rent or mortgage payments are in arrears.

This may include past-due notices, emails from the landlord (and/or agent), rent ledger from the landlord, or other applicable documents as available.

Full documentation requirements will be posted on the township’s website. All Rental and Mortgage Assistance checks will be paid directly to landlord (and/or agent), named leaseholder or to the lender/mortgage company.