The Mayor and Township Committee of Lakewood are pleased to announce that applications will be accepted for the new, affordable, for-sale housing units available at the “Lakewood Commons IV” development, now under construction by NJ Hand. The price of the units has not been finalized. Units may be priced as low as $169,146 and possibly up to $262,000 and contain three (3) or four (4) bedroom units. You must meet household size, income and asset limits. Please see the chart on page two of the application. 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. *
The Affordable Housing Program is being administered by the Township’s Housing Administrative Agent, Rehabco, Inc. Rehabco will make applications available beginning July 1, 2017 through September 1, 2017. Applications will be made available at Lakewood Town Hall Community Development 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. New units are expected to be ready for occupancy in the Spring of 2018.
Enclosed please find the application you requested. 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 Community Development Office, 2nd Floor OR can be mailed to Rehabco, Inc. (see application for more details.) NO LATER THAN September 1, 2017 (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 this office 732-477-7750 should you have any questions.
*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.