Monroe Township (Gloucester County, NJ) *OPENS 1/1/21 (FOR SALE)

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MonroeRENEW_Tag.png

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?

 

Fill out a brief pre-application and a Triad Team member will contact you. Questions?  Call Beth Mingey at Triad Associates, 856-690-5749, or email at bmingey@triadincorporated.com

The program is authorized through the NJ Fair Housing Act.

Visit www.njhrc.gov for more affordable housing information.                                   

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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 bmingey@triadincorporated.com