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The Asbury Park City Council has approved two resolutions in support of affordable housing development, officials announced Thursday.

The resolutions apply to Interfaith Neighbors’ Rent to Own and first time homebuyer programs for low and moderate-income residents.

The nonprofit has proposed the construction of a rent to own two-family duplex at 1274 Washington Avenue [at right] and its Springwood Avenue located Parkview AP [shown in feature photo], an income property project that gives 10 homeowners the ability to live in and rent out either a three bedroom, two and one half bath townhome or a one bedroom home above a detached garage.

The project is intended to provide homeownership for low-to-moderate income buyers and those in the emerging market, meaning buyers with incomes above the affordable housing income cutoff but not able to afford the cost of full market properties.

“Affordable housing helps stop the gentrification of neighborhoods and allows for the diverse community we strive for in Asbury Park,”Councilwoman Yvonne Clayton said in a written statement. “We are proud to help support Interfaith Neighbors in their continued effort of improving the quality of life for Asbury Park residents.”

Approval of the resolutions allows Interfaith Neighbors to seek funding from the Monmouth County HOME Investment Partnerships Program, officials said.

The program, part of the federal Department of Housing and Urban Development [HUD] grant funding allows building, buying, and/or rehabilitating affordable housing for rent or homeownership. It is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households, officials said.

If the grants are received, funding will be provided to first-time home buyers as part of Interfaith Neighbor’s housing program, officials said.

For more information on Interfaith Neighbors, visit interfaithneighbors.org and for more information about the City of Asbury Park, visit cityofasburypark.com.

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