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 to create homeownership opportunities for working
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 families. Much of the labor was provided
by the Asbury Park Youth Corps as part of an on-the-job
Through the volunteer efforts of Bevin
Irvin, a successful homebuilder, a third house was constructed
on a lot provided to Interfaith Neighbors by the Township
of Neptune. This house, which was completed in December
of 2000, became a wonderful addition to the neighborhood.
A working poor family of five is now the proud owner of
this beautiful home.
Since then, another eight new homes
have been constructed in Neptune. An additional home has
been rehabbed and three new homes have been constructed
in Asbury Park. All of these homes are now owned and occupied
by low income working poor families.
The completed homes are sold
at our cost-to-construct; the purchase price is significantly
below market value. Interfaith Neighbors receives its
return of capital from the mortgage proceeds plus the
cash equity of the purchaser, which then enables us to
invest in our next house renovation/construction project.
here to download homeownership application.