Mayor Dougherty Breaks Ground on New Affordable Housing
Mayor Dougherty joined Morris Habitat for Humanity as they broke ground on a new Affordable Housing project.
Morris Habitat for Humanity hosted a groundbreaking ceremony on Friday, Dec. 16, 2016, to celebrate a new 10-unit housing project on Martin Luther King Avenue in Morristown.
Morristown officials were on hand to welcome the project and meet the future homeowners.
Mayor Timothy Dougherty remarked, “We are proud to be supporting this project, which provides a much deserved opportunity for home ownership to hard working families. This project is a prime example of what can be accomplished when when public and private entities work together for the good of the community.”
The two buildings, which are already under construction at 43-47 Martin Luther King Ave., are anticipated for completion by the end of 2017 and include 10 affordable condos.
These 2- and 3-bedroom homes will have from 1 to 2.5 bathrooms each, be energy-efficient and feature Energy Star certified appliances. Additionally, each unit will have a basement storage area. Some first floor units are handicap accessible/adaptable.
According to Morris Habitat for Humanity, the 2-bedroom units will sell for $155,000 and the 3-bedroom units will sell for $170,000.
Zero-interest 30-year fixed mortgages will be held by Morris Habitat. The homes will have a 30-year deed restriction that allows modest equity upon resale, but mandates that they be sold at an affordable price to other income-eligible families.
Prospective homeowners, selected by lottery in early November 2016, will contribute a minimum of 300 hours of sweat equity.
Sponsors of the project include M&T Bank, Vertical Realty and the Town of Morristown.