This inaugural project from NBT and Hub City Housing demonstrates our shared mission to create healthy, quality affordable housing and improve the quality of life for low- and moderate-income persons and families in our home community of New Brunswick. Our long-term goal is to create more “ready homes” for “home-ready families” and ensure that more families can affordably buy homes to set down roots and be part of New Brunswick’s ongoing revitalization.

For this project, we acquired two distressed properties and are rehabilitating them to the highest standards to create two affordable homeownership opportunities and one rental apartment for eligible low- and moderate-income households. This project is made possible by the NJDCA's Affordable Housing Trust Fund and NeighborhoodRevitalization Tax Credit Program (NRTC), with contributions from generous NRTC business contributors.

Please review the following information and links about the two for-sale homes and one rental apartment for which we are currently accepting pre-applications. The pre-application window will be open until November 10, 2024. A random selection lottery of eligible applicants will take place on November 14; selected applicants will then be invited to submit a full application for income certification. The homes are anticipated to be ready for move-in in February 2025. 

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54 Drift Street, New Brunswick, NJ 08901
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270 Powers Street, New Brunswick, NJ 08901
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Rental Unit - 270 Powers Street, New Brunswick NJ 08901

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Do you want to learn more about the process?

Participate in our in-person Public Info Session on September 24, 2024 at 6:00PM

Location: Gaby’s Bakery & Deli, 800 Livingston Ave North Brunswick, NJ 08902

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Frequently Asked Questions: 

General Questions

I am interested in buying or renting one of these homes. What do I need to do?

You must submit a pre-application answering a few basic questions indicating your household size and income. If you meet the basic criteria, you will be entered into a lottery. If you are selected in the lottery, you will then be invited to submit a full application with supporting documentation to confirm your eligibility.

What is the difference between applying for the for-sale homes and the rental unit?

All homes will follow the same process of pre-application, lottery, and full application with income certification. Applicants that are selected in the lottery for the for-sale homes will then be required to secure a qualifying mortgage to confirm their eligibility and purchase the home.

Can I pre-apply to more than one home?

Yes, you can submit a pre-application to one, two, or all three available homes as long as your pre-application confirms that you are eligible according to household size and income guidelines. For example, a two-person household would be eligible to apply for the 2-bedroom rental apartment, but not the 3-bedroom homes for sale.

What does “affordable” mean for these homes?

The sales and rental prices are based on state regulations that calculate how much a household in the specified income range could afford without spending more than 30% of their income on housing costs. The income ranges are based on percentages of Area Median Income, as calculated by the state.

“Affordable” also means that the property is deed-restricted to be affordable for a period of 30 years and cannot be resold at market value.

What is a deed restriction?

A deed restriction is a legal document that places restrictions on the ownership of the property. In the case of these affordable homes, the deed restriction from the state determines the price at which the homeowner can sell the home in the future. This ensures that the homes remain affordable for other households to buy in the future, for a period of 30 years.

For-sale Homes

Do I need to have a pre-qualification or pre-approval letter from a mortgage lender when submitting a pre-application for the for-sale homes?

Although the pre-application asks if you already have a pre-qualification or pre-approval letter, this is not a requirement at the time of submitting an application. If selected in the lottery, however, you will need a pre-qualification letter from an approved lender as part of the full application to confirm your eligibility.

Do I need to work with a particular lender?

At the moment, Ocean First Bank, TD Bank, and Magyar Bank are the three banks that are in our “approved lender list” and verified to provide mortgages for these deed-restricted, affordable homes. If you are selected and invited to submit a full application with a mortgage pre-qualification letter, you are permitted to seek out other lenders, but keep in mind that other lenders may not work with deed-restricted homes.

 Which lender do you recommend?

We cannot advise you to choose a particular lender. But we encourage you to speak to at least two different lenders to learn about their mortgage options.

Can I apply for down payment assistance to purchase any of these homes?

Yes, potentially. If you are selected to purchase one of these homes and confirmed to be mortgage-ready, NBT will evaluate your eligibility for our Esperanza DownPayment Assistance or other programs that can help cover down payment and closing costs. The Esperanza DPA program uses similar income guidelines as the state’s income limits for the homes, but also requires that the buyers be first-time homebuyers.

Would it be necessary to work with a realtor?

No

Would the organization help me with an attorney, home inspector, or any other professional team member involved in the home buying process?

Our organization can only give you a recommendation on other professionals involved in the process, but it will be the buyer’s responsibility to interview, and investigate any other professional before working with them.

I am interested in the two-family home at 270 Powers St. Can I apply to live in both units, and choose who lives in the rental apartment?

No. The state requires that the for-sale home and the rental apartment have separate applications and lotteries. If you are selected as the homebuyer, you will become the landlord for the rental unit, but the tenant will be selected via lottery. New Brunswick Tomorrow will help the new homeowner understand and comply with the regulations for the affordable rental apartment.

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What does the process look like from start to end?

1. Submit pre-application
2. Enter Lottery
3. If selected to submit a full application - you will need to gather documents and complete the application to send to HAS.
4. Submit application and await review
5. Receive decision letter
6. If eligible, seek mortgage approval
7. Sign the purchase contract and submit deposit
8. Apply for Down Payment Assistance
9. Secure attorney, home inspector, home insurance, appraisal, title, survey, and mortgage commitment
10. Closing

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For more information or to apply, contact Diana Diaz Tapia, Housing Manager, New Brunswick Tomorrow ddiaz@nbtomorrow.org or (732) 374-9594.