Applications Being Accepted for Affordable Housing For-sale at “Lakewood Commons” Development Phases V, VI and VII
The Mayor and Township Committee of Lakewood and NJ Hand are pleased to announce that applications will be accepted for the affordable, for-sale housing units available at the “Lakewood Commons” development phases V, VI and VII. The price of the units has not been finalized. Previous prices have been between $169,146 and $299,000 and contain three (3) or four (4) bedroom units.
You must meet household size, income and asset limits.
Maximum Income Eligibility Criteria ( Income Limits):
- Family of Four: $75,500
- Family of Five: $81,550
- Family of Six: $87,600
- Family of Seven: $93,650
- Family of Eight: $99,700
The requirements for these units are as follows:
- Must be a First Time Homebuyer.
- Must meet household size, income and asset guidelines.
- Must be willing and able to purchase a unit.
- Must provide a deposit and obtain a commitment for financing upon selection
- Deed restrictions are placed on each unit.
- Unit must be used as only residence.
- Preference will be given to Mercer, Monmouth and Ocean County residents and workers.
- If selected, every adult household member (over age 18) will be required to submit to a civil and criminal background check.
These units will be filled based on a lottery system. Lottery means a chance to purchase. If pre-certified as eligible, a numbered ball with your personally-issued number will be placed in a drum and drawn for a position to purchase a unit in your bedroom size and income level.
The Affordable Housing Program is being administered by the Township’s Housing Administrative Agent, Rehabco, Inc. Rehabco will make applications available beginning March 9, 2020 through May 7, 2020. Applications will be made available at Lakewood Town Hall at Township Clerk’s Office, Lakewood Resource and Referral Center (LRRC), on the Lakewood Township Website www.lakewoodnj.gov and Rehabco’s website www.rehabconj.com. All applications will be reviewed for eligibility by Rehabco, Inc. and pre-certified eligible applicants will be sent a letter with their lottery number and an invitation to attend the public lottery drawing*. After the lottery, the final certification will be performed and the prospective owners will be required to secure financing on their own. Units are expected to be ready for occupancy December 2020.
Please download the application below. Carefully and legibly complete all sections of the application and send in copies of all required documentation. Please sign the application in ink.
The application with all required documentation can be:
- Hand Delivered to Lakewood Town Hall at Township Clerk’s Office, 2nd Floor
- OR can be mailed to Rehabco, Inc. (see application for more details.)
NO LATER THAN May 7, 2020 (Please keep a copy of the application and a receipt of delivery for yourself.)
Only one (1) application will be accepted per household.
Do not hesitate to contact Rehabco, Inc. at 732-477-7750 should you have any questions.