Monroe Township (Gloucester County, NJ) *OPENS 1/1/21 (FOR SALE)
IS PURCHASING A R.E.N.E.W. WITH MONROE HOME RIGHT FOR ME?
What is R.E.N.E.W. with Monroe?
R.E.N.E.W. with Monroe is an opportunity for home ownership for low- to moderate-income households by providing up to a $30,000 grant to be used for down payment and closing costs.
R.E.N.E.W. with Monroe homes have a lower purchase price and lower real estate taxes than a market-price home.
Do I qualify as a R.E.N.E.W. with Monroe buyer?
You must meet the household income guidelines (click here) and be able to obtain a mortgage pre-qualification (credit score of 620 or above and no recent bankruptcy or judgments).
Are there any restrictions on a R.E.N.E.W. with Monroe home?
Yes, there are some restrictions, which include:
The property will be deed-restricted as part of the Affordable Housing program for 30 years
You must live in the home as your primary residence; you may not rent the home to anyone, including family members or “flip” it for quick profit
You will need approval for major improvements, such as putting on an addition
You can sell the property at any time; the resale price is determined by the NJ Fair Housing Act
To sell, you will work with the Administrative Agent, which is Triad Associates
Other restrictions may apply. Talk to Triad for further information.
I’m interested in learning more. What is my next step?
The program is authorized through the NJ Fair Housing Act.
Visit www.njhrc.gov for more affordable housing information.
If you are interested in applying to purchase one of the affordable units, you must complete a pre-application. Interested persons are to call Beth Mingey at Triad Associates, at 856-690-5749 to request an Application, or via email at firstname.lastname@example.org.