Fueled by the infusion of $25,000 from the New Jersey Natural Gas Company (NJNG) and working in conjunction with the Governor’s Adopt-A-Neighborhood Program, Interfaith Neighbors was able to launch a Homeownership Program in 1996 that focused on renovating boarded- up homes combined with new construction to create homeownership opportunities for working poor families.
The infusion of this initial capital formed a “partnership” between Interfaith Neighbors and New Jersey Natural Gas Company (NJNG) and subsequently attracted other corporate and private donors.
Initially, two boarded-up houses made available to us by the City of Asbury Park were renovated and sold to two low-to-moderate income families. Much of the labor needed to renovate these complete these initial two projects was provided by the Asbury Park Youth Corps as part of an on-the-job training program.
Since then, dozens of new homes have been constructed in Asbury Park and Neptune. The completed homes are sold to low-to-moderate income families at our cost-to-construct, making the purchase price significantly lower than market value. Interfaith Neighbors receives its return of capital from the sale proceeds and uses these proceeds to invest in our next house renovation/construction project.
View our Video to Learn More About our Affordable Housing Program:
Rent to Own Program
In 1993 a two-family home in Long Branch was bequeathed to Interfaith Neighbors and subsequently rehabbed by Interfaith Neighbors staff and volunteers from the New Jersey Natural Gas Company . Ownership of this home was retained by Interfaith Neighbors for use as a transitional housing facility. This property serves as the basis for what we call our “Rent to Own” program. Working with our rental assistance clients, we identify families that want to move from renting to homeownership. We provide homeowner and credit counseling to be sure that they are ready for the transition. The family signs a one year lease and pays a monthly rental fee that is below market rate for that home. Out of their rental payments, Interfaith Neighbors escrows a portion of the rent each month to be used toward the down payment on a home. In situations where homeownership is not an option for the family, the money can be returned in the form of a monthly rental subsidy.