Palmer Square Management, the owner/developer of the historic Palmer Square mixed-use community in downtown Princeton, has donated 28,620 bricks to Habitat for Humanity of Trenton.
The bricks will be used to build new homes for seven Habitat for Humanity families in the City’s East Trenton neighborhood. They are all brand new, unused bricks, identical to the ones utilized in the construction of The Residences at Palmer Square, a new collection of upscale multi-story townhomes and condominium flats under development in the heart of Palmer Square, directly across Nassau Street from Princeton University. The donation will help defray the cost of Habitat for Humanity’s estimated $1.4 million project, which the non-profit organization expects to complete by 2016.
“Habitat for Humanity’s mission of helping families improve their living conditions is a noble one, and we are proud to be a part of it,” said David Newton, vice president of Palmer Square Management. “Seven families in Trenton will soon have an opportunity to own their own homes, and we’re delighted to help make that happen.”
The seven homes will be built on the 500 block of North Clinton Avenue. Each will include three bedrooms, 1.5 baths and 1,400 square feet of living space. They will be available for purchase by families currently living in sub-standard conditions who meet certain income requirements. Families who qualify will be able to purchase the homes for $96,000 and will receive a zero-interest, 20-year mortgage from Habitat for Humanity. They will also receive a five-year property tax abatement from the city. In order to qualify, buyers must also put in 300 hours of “sweat equity,” or volunteer time, into the construction of their home or other Habitat for Humanity homes.
Thomas R. Caruso, executive director of Habitat for Humanity of Trenton, said Palmer Square Management’s brick donation will go a long way towards helping his organization achieve their goals for the current development project.
“Habitat for Humanity of Trenton is working to build and rehabilitate decent, affordable housing in the poorest of underserved neighborhoods.” Caruso said. “This wonderful contribution of 28,620 bricks will make it possible for us to continue our revitalization work in East Trenton, and improve the living conditions for seven more families.”
Since its inception in 1986, Habitat for Humanity of Trenton has completed 87 homes, 84 of which are in East Trenton.
For more information on The Residences at Palmer Square, visit www.palmersquareresidences.com.