By JOHN T. WARD
Two new townhouse units on Red Bank’s West Side will be available for purchase at a fraction of their market value following a lottery next month.
Under a drawing managed by the Red Bank Affordable Housing Corporation, a one-bedroom unit and a three-bedroom unit in the Brownstones of Red Bank community will be sold to buyers who qualify as low- or moderate-income earners, according to the RBAHC website.
Built by real estate developer Roger Mumford, the 22-unit Brownstones project replaced a cluster of industrial buildings between Catherine and River streets just east of Bridge Avenue.
Under zoning board approvals granted in 2017, the project was to include two so-called affordable units required under court-imposed mandates on municipalities. At the time, Mumford said he anticipated the two units would be available as rentals, but RBAHC is offering them for sale only.
The one-bedroom, one-bath unit comprises 850 square feet of living space, and is priced at $70,111. The three-bedroom, 1,900-square-foot unit, with 2.5 baths, is priced at $201,552.
Unlike the other 20 units, the income-restricted homes do not have their own two-car garages. Prices for homes not included in the program start in the mid-$500,000s, according to the Brownstones’ website.
To be considered, would-be buyers must submit a one-page preliminary application. by December 8. A live drawing to establish an order of priority is scheduled for 7 p.m. on December 10 at Pilgrim Baptist Church, 172 Shrewsbury Avenue.