For homebuyers in South Orange and Maplewood

A Second-Mortgage Loan Program to Encourage Neighborhood Diversity
If you are buying a home in South Orange or Maplewood OR
Selling your home for another residential property in the two towns;

Consider applying for a PRISM loan.

What is PRISM?
The Pro-Integrative Second Mortgage (PRISM) Program of South Orange and Maplewood, is a non-profit loan program for homebuyers, that is designed to encourage and improve neighborhood diversity in particular areas of the community where one race is underrepresented.

Here's how the program works:
As an added incentive, individuals purchasing homes in specific areas in the two towns, may apply for below-rate, 5-year loans up to $10,000 –2% under current home equity rates.

Current rate is 3.625% effective 12/05/08.

The PRISM program provides funds for expenses or home improvement projects on your new purchase and allows deferred payment for one year!

Eligibility Requirements
All new home buyers who meet the following criteria are eligible to apply for the PRISM program:
  • Non-Black buyers making a purchase in the eastern side of the towns OR
  • Black buyers making a purchase in the western portion of the towns.
  • Call the Community Coalition for program eligible areas.
  • The property must be the borrower's primary residence.
  • Buyers must have 5 percent of their own funds invested in the home. The total of the first mortgage and the PRISM loan must amount to no more than 95% of the purchase price of the home.
  • Purchasers must begin the PRISM application process before closing on the property.

    Funding Sources
    Funding for PRISM is provided by the Fund for an OPEN Society, with matching funds from the towns of South Orange and Maplewood and other supporters. The program is administered locally by the Allegiance Community Bank in South Orange.

    It's Easy to Apply
    To find out where you would qualify for a PRISM loan, call the Community Coalition at (973) 761-6116 Ext. 5 or complete the information in the form below.
    Yes, I would like to receive an application for the South Orange/ Maplewood PRISM Program!
    Name:

    Current Address:

    City: State: Zip:

    Day phone:   Evening phone:

    Email:

    Street Address of New Property in Maplewood or South Orange:
    Choose Town:

    Race(s) of Borrower(s):

    Have you already secured financing for your home purchase?
    Yes    No

    Have you received an information packet from the Coalition about Maplewood and South Orange?
    Yes    No

    How did you hear about the PRISM Program?



    Comments from the South Orange Village President and Mayor of Maplewood:
    "The Community Coalition's second-mortgage loan program is another important step in our ongoing commitment to maintain successful integration in South Orange."
    William Calabrese
    South Orange Village President

    "Pro-integrative loans benefit both buyers and sellers, and help to maintain Maplewood's trademark diversity. The Coalition's program is a win-win-win"
    Fred Profeta, Maplewood Township Committee

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