In an exciting development for low-income Lakewood, NJ, families, the Federal Home Loan Bank has given a $1.3 million grant to NJ HAND to be allocated towards Phase Four of the affordable housing development in and around Lakewood Commons, in the Vine Street area.
A total of 192 affordable housing units have already been occupied during the initial three phases of the affordable housing development. Phase Four is slated to feature 66 residential units. Construction of the new phase is expected to begin in January 2017. More details about the units, income guidelines and how to apply for the lottery that selects the homeowners will be publicized during or around March 2017.
As NJ HAND is a not-for-profit developer of affordable housing, the federal grant money that helps subsidize construction costs allows the units to be sold for less. In light of this grant, approximately one-third of the Phase Four units will be sold to low-income families and priced accordingly, with the remainder allocated for moderate income families.
Grants towards Phases One and Two of the project similarly helped make many of those units affordable for low-income families. Phase Three was mostly slated for moderate income households and did not receive such funding.
A collaborative effort between Rabbi Shmuel Lefkowitz of NJ HAND, Rabbi Aaron Kotler of Bais Medrash Govoah and member of The Lakewood Vaad, and Congressman Christopher Smith helped secure the funds for the upcoming phase. “Lakewood home prices have risen significantly in recent years and the Vaad continues to work on affordable housing options,” says Rabbi Kotler. “Our signature project is NJ HAND, which has helped 192 families to date to buy homes at around $200,000 or less. We thank Committeeman Ray Coles, Rabbi Lefkowitz and Congressman Smith for their tireless work on behalf of low and moderate income Lakewood families.”