Project funded by Wells Fargo, NJ Department of Community Affairs
BORDENTOWN TOWNSHIP, NJ — The construction of the Bordentown Residential Development is now underway to build 10 new homes in the Township for 10 families to call the community home.
The affordable housing development has been made possible through a partnership between Bordentown Township, which donated the parcel of land, and Habitat for Humanity of South Central New Jersey (Habitat SCNJ). The New Jersey Department of Community Affairs (DCA) provided significant funding though the Affordable Housing Trust Funds.
Located on Thornton Road, the Bordentown Residential Development will consist of five, two-story modular homes with three bedrooms and one and a half baths plus a pocket park. The homes will be sold to both low and moderate-income qualified residents with affordable mortgages capped at 30 percent of household income including principle, taxes and insurance.
At the project's groundbreaking event on Wednesday, Lori Leonard, CEO at Habitat SCNJ, noted that there is an affordable housing crisis across the country with New Jersey being the seventh most expensive housing market, with the average cost of a home in the state, as of January 2022, at $550,000.
She said the average monthly rent in New Jersey for a two-bedroom apartment is $1,600 with rent for a three-bedroom apartment costing over $2,000 per month.
"Many people in New Jersey are spending more than half of their income on housing, and that is not acceptable," said Leonard. "Our mission is to provide for low and moderate-income earners opportunities to become homeowners. With the support of DCA, Wells Fargo and Bordentown Township, we have the capacity to take on a project like this."
Leonard said the three-bedroom homes will be priced at $100,000 for low-income earners; and $140,000 for moderate-income earners. She estimates that the monthly mortgage, including taxes, will range between $1,000 and $1,300.
The construction of the duplexes is expected to take up to two years to complete.
Senator Troy Singleton (D-Burlington), who is the chairman of the Senate Community and Urban Affairs Committee, was on-hand at the groundbreaking event.
"So many of us take for granted what a home is; a home is a sense of community to some; a sense of shelter to others. But, it is always a place where we can grow and have roots," said Singleton. "This project, and what it means to this community and to those who will live here, will add to the beautiful mosaic that is Bordentown Township. I am thrilled and excited to be here to break ground on what will be an enormous project that will change the lives and fortunes for so many."
Bordentown Township Mayor Stephen Benowitz said at the groundbreaking ceremony that "it is indeed a proud moment to share."
"Opportunities to celebrate such an outstanding project like this prove the value of cooperation as a true testament to public service," said Benowitz. "Habitat for Humanity is one of the best known providers of affordable housing in the country, if not the whole world."
"Our hope is that this project, as well as the other affordable housing developments in the Township, prove to be the beginning of great opportunities for new residents and positive growth in Bordentown Township," the Mayor added.
On Wednesday, the community came together at a Welcome Home Fest, sponsored by Wells Fargo as part of its Welcome Home Campaign, to put the first shovels in the ground for construction of the homes.
Wells Fargo also provided $75,000 in grant funds to Habitat SCNJ for the construction of the Bordentown homes and Wells Fargo employees will volunteer on the construction site as it progresses.
“Habitat for Humanity and Wells Fargo have collaborated for nearly three decades, sharing a vision of a world where everyone has a decent place to live,” said Wanda Saez, Wells Fargo Senior Vice President of Community Relations. “We’re thrilled to continue our local impact with Habitat SCNJ by utilizing both our financial and volunteer resources to create more quality affordable houses for families in the Garden State.”