The Catherine Street side of the new Brownstones townhouse project. (Photo by John T. Ward. Click to enlarge)
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.
Construction is still underway on the River Street side of the 22-home project. Below, a flier specifies income limits for prospective buyers. (Photo by John T. Ward. Click to enlarge)
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.
