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The Asbury Park Mayor and City Council are expected to vote on an agreement that will designate Interfaith Neighbors as the redeveloper for the 1276 Washington Ave. The agreement includes the parcel of land, located between Ridge and Prospect avenues, being sold to the local nonprofit for $7,500.00.

Plans are to construct a 3,000 square foot wood-frame two-family home that will be used to accommodate participants of the nonprofit’s Pathway to Home Ownership Program.

Each of the two duplex units proposed will feature 3 bedrooms, 2.5 baths, bamboo flooring; tile in the kitchen and baths, and Energy STAR appliances, including washer/dryers, oven/range, dishwasher, microwave and high efficiency HVAC systems. A home security system to be installed.

The Pathway to Home Ownership program works with prospective first time home buyers by providing a rental unit for a period of one to two years.

“The west side of Asbury Park has an owner occupancy rate of approximately 20 percent,” Interfaith officials said via a written statement. “Nearly 80 percent of west side residents live in rental properties; the majority of which are owned by out of town investors who typically do little to maintain their properties.

“A substantial obstacle for many families who wish to become homeowners is the difficulty of accumulating down payment and closing cost funds,” officials said. “Their mortgage payments are often less than the rental amounts they have been paying, but without the down payment and closing cost funds these families are not able to purchase their own homes.”

During the first year, Interfaith Neighbors deposits $500 per month of a tenants rent into an escrow account, which will be used by the program participant for a down payment and/or closing costs. They also receive training to acquire a Dept. of Housing and Urban Development [HUD] First Time Home Buyer Certificate, and assistance in addressing any credit issues that may be impeding home ownership.

The new Pathway to Home Ownership project is expected to be completed within a year of obtaining its necessary approvals and permits.

Also on the agenda, are amendments to a redevelopment agreement for Interfaith Neighbors 810 Fourth Avenue project, first executed in June 2016.

The Springwood Avenue Redevelopment zone changes allow for detached two-family homes in the residential zone, lending to changes to the nonprofit’s Parkview AP project [shown in featured photo].

The owner occupied income property will feature will feature 10 one bedroom garage apartments and 10 three bedroom duplex units along Springwood Avenue, bordered by Atkins and Sylvan avenues and Adams Street.

A minimum of 20 percent of the units will be deemed for affordable housing, although officials have said they are leaning toward 40 percent affordable units.

A part of the agreement calls for 25 percent of local labor and products during construction, if available.

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