West Seventh Street Village
People from across the Greater Plainfield area are coming together to address one of the city’s most challenging problems-the lack of affordable housing, particularly for first-time home buyers.
This affordable housing project is our largest effort yet: to construct a five-home for-sale condominium development on West Seventh Street in Plainfield.
The front home will be parallel to West Seventh Street as a two-story four-bedroom single family home, with the street view of the project then having the appearance of a single-family home. A large area in the back will be used for green space and two duplexes. Each duplex will be connected by a full garage, each consisting of a two-story home with three bedrooms, living room, dining room and 1.5 bathrooms. The first-floor will be handicap accessible. The units will be sold in the range of $140-160,000 for the four-bedroom units and $90-120,000 for the four three-bedroom units. Twenty-year deed restrictions allow modest equity upon resale, but mandate that the units only be sold to qualifying low and moderate-income families in accordance with state HUD guidelines.
On December 22, 2011 we closed title on this property. We will begin site improvements in early Winter 2012.
The total cost of the project is $1,504,875. The Union County HOME grant will contribute $580,000. In addition, we obtained a low-interest $240,000 loan from Habitat for Humanity International through their FlexCap Loan program. The remaining will be raised through the collaborative efforts of businesses, individuals, and faith-based congregations from in and around the Greater Plainfield area through grants, donations of materials and services, and various fund-raising events. Area congregations and the community are encouraged to participate in this exciting collaborative effort (the first in our 22-year history), as approximately $302,375 is needed to be raised in pledges, donations, a and in-kind contributions.