Palmer Square Mgt. donates bricks to Habitat for Humanity

David Newton, vice president of Palmer Square Management of Princeton, left, and Pat Brogan, Weekend Construction supervisor for Habitat for Humanity of Trenton, oversee the delivery of bricks.

David Newton, vice president of Palmer Square Management of Princeton, left, and Pat Brogan, Weekend Construction supervisor for Habitat for Humanity of Trenton, oversee the delivery of bricks.

via NorthJersey.com

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.

 

Habitat for Humanity to being work on seven new homes in Trenton

via Sherrina Navani/ The Trentonian News

HabitatTRENTON — Seven well deserving families will get an opportunity to purchase a home for the first time in their lives.

Habitat for Humanity of Trenton has started the development process to create new housing in East Trenton, a project which is expected to be completed by 2016.

“We owned one plot of land, there was a home on the site which was donated to us and then we bought the five remaining plots from the city,” said Director of Development Lecreda Riley of the construction site located on the 500 block of North Clinton Ave.

The $1.4 million project is not the first of its kind for Habitat for Humanity, according to Riley. Since 1986, the non-profit has built a total of 87 homes in Mercer County, 84 of them in East Trenton.

This week, Princeton-based Palmer Square Management donating 28,620 bricks to kick start the project on the 1400 square foot, three bedroom one and a half bath town homes. The seven residences are expected to gain the approval of the city’s planning board during Thursday evening’s meeting.

Families who qualify will purchase the homes for $96,000 each and will get a zero-interest, 20-year mortgage from Habitat for Humanity. Qualified purchasers must currently live in sub-standard conditions and be able to pay just under $1,000 a month to cover the mortgage, utility and taxes on the property. Property taxes will be abated for the first five years, according to city laws.

“Habitat has less than a one percent foreclosure rate because we work with our families and we require all buyers to give 300 hours of sweat equity,” said Riley. “That means the family must volunteer 300 hours of their time to building the home, so they have more of a vested interest.”