EDISON—Mayor Jun Choi, along with Provident Bank President Chris Martin, unveiled a low-interest loan program that will enable residents in the Clara Barton area to make major improvements to their homes.
“Programs like this one will create local jobs and help protect taxpayers’ most valuable investment, their home,” Choi said last week.
In a joint partnership with the township, Provident Bank will be the exclusive provider of affordable home equity loans to qualified applicants through the program, which encourages homeowners in the area to make major home repairs.
The Clara Barton-Amboy Avenue Neighborhood Home Loan Program is available to qualified applicants in the Neighborhood Preservation Program area. Loans start at a minimum of $10,000. However, a $5,000 grant is available through Edison’s Neighborhood Preservation Program. Those eligible for the home loan program can use the funds to finance substantial repairs or replacement of major systems in their homes such as roofs, weatherization and plumbing, heating and electrical systems.
“As a community bank, we believe in taking an active role in preserving our neighborhoods,” said Martin, the Provident Bank president. “Not only does this program give homeowners an opportunity to make much needed repairs, it also helps stimulate the economy at the local level by creating job opportunities.”
Loans between $10,000 and $50,000 will be available through Provident Bank. The $5,000 grant from Edison is funded through New Jersey’s Neighborhood Preservation Program.
Established by the state in 1975, the Neighborhood Preservation Program is administered by the New Jersey Department of Community Affairs. Its mission is to support, encourage and promote the strengthening and preservation of local neighborhoods. Edison applied for and received preservation designation for the Clara Barton-Amboy Avenue area in 2007. The program has seen great success with the Edison Farmer’s Market and Amboy Avenue Cruise Nights. New traffic signs have been installed in the area. As part of the program, area residents enhance the local décor with a street-side seasonal planting and decorations.
Edison’s Neighborhood Preservation Program area is bounded by Metuchen to the west, Route 1 to the north, the Fords section of Woodbridge Township to the east, and Interstate 287 to the south.
For more information about the Clara Barton-Amboy Avenue Neighborhood Home Loan Program, including eligibility, loan specifics and how to apply, contact Sharon Gray, Edison’s Neighborhood Preservation Program coordinator at (732) 248-7475 or Mary Ann Lovas, Provident Bank’s Edison branch manager at (732) 225-0800.
Mr. and Mrs. Tony Eggert sign on to become the first applicants to the Clara Barton-Amboy Avenue Neighborhood Home Loan Program. (Photo courtesy of the Township of Edison)