Frequently Asked Questions
Who is Brand New Day, Inc., and what is its purpose?
Brand New Day, a 501(c)(3) not-profit community development corporation, was incorporated in 1985 by diverse members of the community and the Board and Executive Director of the Elizabethport Presbyterian Center.
Brand New Day's mission is "to revitalize and enhance the quality of life in Elizabethport and surrounding communities for low and moderate income families through the development, management and preservation of affordable housing, expanding wealth creation opportunities through home ownership and neighborhood-based economic development and advocate for social stability."
What makes Brand New Day stand apart from other community development organizations?
For twenty-five years, Brand New Day led the charge in creating a climate of reinvestment in developing quality, affordable housing from blighted and abandoned properties. Brand New Day has emerged as a cutting edge community revitalization organization having a holistic approach to empowering communities. In addition to housing development, Brand New Day provides access to low-cost home improvement loans; offers free financial literacy, homeownership education, credit counseling, post-purchase counseling; and a career development program. All this, along with property and asset management, is done with a volunteer Board of Directors and ten full-time staff.
Brand New Day is a member of the NeighborWorks Network, a national network of more than 240 community-based organizations in 50 states creating healthy communities through the work of thousands of residents, business leaders, government officials and other partners.
In what communities are BND's services available?
The targeted service areas for Brand New Day include Elizabethport and surrounding communities in Union and Essex Counties. Participants in our Homebuyer Education and Counseling programs, however, may come from anywhere in the NY/NJ metro Area.
How is Brand New Day, Inc. funded?
Brand New Day receives funding from various sources, including State, County and City Government; Neighborhood Reinvestment Corporation, Financial Institutions, Foundations, Charities, Businesses, and Individuals.
Do you have apartments for rent?
One of BND lines of business is property management that oversees the management and maintenance of over 100 units of quality affordable housing. BND has units ranging from one to four bedrooms flats, duplex apartments and townhouses. In addition, BND owns and/or manages seven commercial spaces. You can contact the office for additional information and applications.
What are Financial Fitness classes?
Financial Fitness classes are designed to help individuals and families develop sound money management skills leading to building wealth and economic stability.
What if my credit is not great? In October 2006 BND became a US Housing and Urban Development certified housing counseling agency. The Community Education Coordinator and Case Manager, both certified credit counselors, will review your credit report with you and advise you as to what steps you need to take to clean up your credit rating, the most important step to purchasing a home.
What is a first-time buyer?
We consider you a first time buyer if you: 1) have never purchased a home before; 2) haven't owned a home for at least three years, or 3) have owned a home with a spouse, but are recently separated or divorced
Why would I need homebuyer education?
Buying a home is very complicated. It is a time consuming process for those who have done it before, but can be downright intimidating for those who are buying a home for the first time.
This is probably the largest purchase that you will make in your lifetime and the terms of your mortgage loan will effect your financial situation for the next 30 years. Be a wise consumer. Learn all you can before you even start shopping for your dream home. Brand New Day's Community Education department, along with various presenters from the lending and housing industry provide homebuyer education (HBE) training.
In addition, a certificate of completion from Brand New Day's HBE and counseling may qualify you for special mortgage products and considerations with some lenders.
Is there a fee for attending the Financial Fitness and HomeBuyers Education classes?
Brand New Day offers free classes. Contact BND to determine which series of educational classes is right for you. In addition, refreshments and childcare services are offered. Bi-lingual assistance is also provided.
I am behind in my house payments. Can you help me?
BND values the preservation of home ownership and has counselors available to help you with options in the area BND is also very concerned that struggling homeowners may become victims of predatory lending practices. Call to speak with one of our counselors in the area of post purchase and foreclosure prevention.
What is the NeighborWorks® Network?
The NeighborWorks® Network is a national network of local nonprofit organizations are successfully revitalizing declining neighborhoods throughout the country, by increasing homeownership opportunities and preserving affordable housing for low to moderate-income families.
What does my credit score has to be?
Lenders are looking for higher credit scores, so the higher the credit the better and easier the home buyer process is.
Why should I become a homeowner?
Every 10 years your house doubles in value on a economic upswing, also a house is great foundation for a family to start.