Affordable Housing FAQs
The Township of Lawrence adopted an Ordinance in 1984 to meet the housing needs of low and moderate-income people. As required by this Ordinance, new developments must include low and moderate income units. These units are sold according to the income ceiling for low and moderate- income buyers. Therefore, a qualifying buyer will be able to own a new home that has mortgage payments that are adjusted to income.
In order to continue the benefits of home ownership to low and moderate income families, any low- income unit bought under this program must be sold to another low-income buyer and any moderate unit bought under this program must be sold to a moderate-income buyer.
If your gross annual household income meets the requirements for affordable housing, then you are qualified to participate in the Affordable Housing Program. However, this does not"guarantee that a unit will be available when you apply.
The Lawrence Township Affordable Housing Department accepts applications for those interested in buying a re-sale unit. The resale homes are privately owned by individuals that have participated in the program at an earlier date and were able to purchase homes through this program. The availability of these units is dependent upon the rate of turnover. A waiting list is kept current of all qualified buyers. If you are interested in applying, you may obtain an application using this Link.
As new developments are constructed, applications are made available by the developer. Applications are only accepted for a limited amount of time. Where and when you can obtain an application will be advertised in the local newspaper or you can call the Affordable Housing Office for information.
All candidates who appear to be eligible, based on information submitted, will be interviewed when units are available. Candidates deemed eligible at the interview will be permitted to visit any suitable available units. If a particular unit is chosen a contract of sale will be signed with the seller and the potential purchaser can then apply for a mortgage.
You will be required to place a 5% or 10% downpayment on the unit you buy. There will also be settlement or closing charges.
No. In order to buy an Affordable Housing unit you must go through a developer that is building such units or through the Affordable Housing Office at Lawrence Township.
At the present time, the only units available are Townhouses, Condominiums and Garden Apartments. The size of the unit will depend on your family size.
Families with one or two members are eligible for a one-bedroom unit, families with 3 members are eligible for a two-bedroom unit and families with four or five members are eligible for three-bedrooms
We have no units larger than a three bedroom. .
Yes. You must sell your unit to another eligible buyer of low or moderate income. The value of re-sale is regulated by the Affordable Housing Office. When you are ready to sell, you must write to the Lawrence Township Affordable Housing Office and explain your desire to sell, describe your unit including upgrades you might have added, the amount you paid and whether you bought it as a low or moderate income buyer. The office will notify you of the re-sale price and supply you with a list of eligible buyers. It is always recommended that sellers ___________ the availability of a unit, referring interested candidates to the Lawrence Township Affordable Housing Office for qualification.
No. Strict guidelines govern the intentions to rent an Affordable Housing Unit and failure to comply with this can result in legal action being implemented.
Payments are calculated according to interest and principal, taxes, fire insurance and condominium fee. Exact payments depend upon the cost of the unit.
White Pine Apartments, King George Arms, Lawrenceville Gardens, Franklin Arms Apartments, Westgate Apartments, Sturwood Hamlet Apartments.
Consumer Price Index with rent increase.
The attached provides further details, including income limits, on the Lawrence Home Improvement Program program. To receive an application for the Home Improvement Program contact:
Affordable Housing Administrators
PO Box 495
Pine Beach NJ 08741
attn: Maureen Fullaway
732-966-0674