© 2020 by Essex Community Land Trust

O.W.N PROPERTIES FOR SALE

Own a home through the ECLT's Opportunity We Need (O.W.N) program. Through O.W.N, the ECLT currently has two homes available for sale. Each home is restricted by the ECLT and the State of New Jersey. To purchase, you must meet very specific income guidelines and the monthly cost of the home must not exceed 39% of your gross montly income. Please see the below income chart and mortgage calculator. If after viewing the income chart and using the mortgage calculator you feel you qualify so far, please contact us for the rest of the requirements.

Newark (Ironbound) Buyer Driven Program 

In partnership with community developers, the ECLT is happy to announce a buyer driven program with a $50,000 downpayment assistance grant available toward purchase. If you want to live in the Ironbound section of Newark, want to become a homeowner, and fall within the income chart below according to household size, please email info@essexclt.org for more information about how you could qualify. 

Property: 
127 Valley Road, Montclair, NJ 07042 
SIX HOMECORP TOWNHOMES
In partnership with HOMECorp, the Essex Community Land Trust is pleased to announce 6 newly constructed townhomes that will be made permenantly affordable by the ECLT at the time of sale. There are 4 two-bedroom units and 2 three-bedroom units. Half of each bedroom type will be set aside for low-income households, while the balance will be available to moderate income households. If you are interested in applying to purchase an affordable home at Talbot Village, please click the link below to access the Preliminary Application as soon as possible and mail it directly to: Piazza & Associates, Inc., 216 Rockingham Row, Princeton, NJ 08540. Qualified Sandy impacted applicants2 will be given a priority to purchase these affordable homes. After Sandy impacted applicants, applicants who live or work in COAH region 2 (Union, Essex, Warren and Hunterdon Counties) will be given priority. Also, because there are no one-bedroom homes, preference will be given to households with more than one person. Within three weeks, you will receive a letter of determination with regard to your preliminary eligibility for the program. A random selection process to determine the priority order of the applications will be held. After that, applications will be processed on a “first-come, first-served” basis. When a home (of the size and type for which you were prequalified) becomes available, you will be notified in priority order. At that time, HOMECorp, on behalf of the developer, will send you the Final Application for Affordable Housing, which will require you to document your income and household membership. Maximum income, homebuyer counseling, ability to obtain financing and other requirements will apply.

For more details please click here to download application from Montclair Townships/HOMECorp's Administative Agent

APPLICATION DUE DATE PASSED

ARTICLE: Valley Rd. Project to be Montclair's first Essex Community Land Trust property 

By Andrew Segedin

Staff Writer | 

The Montclair Times

SOLD

Property: 
LaFrance Avenue, Bloomfield, NJ 07003

 

  • 2 family house

  • Size: 2,613 square feet​

  • MLS#:  3265931

  • Price: $150,000

  • Annual Taxes:$5,860.00

  • Baths (Full): 2

  • Rooms: 10 (Unit One: 2 br. 1 bth. Unit Two: 2br. 1 bth.)

  • Has Basement

  • Granite Counter Tops, Smoke Detector, Stone Floors, Ceramic Tile Floors, Fire Extinguisher, Carbon Monoxide Detector, Wood Floors

  • Heat System: 2 Units

  • Heat Source: Gas-Natural

  • Cooling System: 2 Units, Central Air

SOLD

Property:
Broughton Ave. Bloomfeld, NJ 07003

 

  • 2 family house

  • Size: 8,799 square feet

  • MLS#:  1602735

  • Price: $130,000

  • Annual Taxes:$10,354.28

  • Baths (Full): 2

  • Rooms: 8

  • Has Finished Basement

  • Granite Counter Tops, Smoke Detector, Stone Floors, Ceramic Tile Floors, Fire Extinguisher, Carbon Monoxide Detector, Wood Floors

  • Heat System: 2 Units

  • Heat Source: Gas-Natural

  • Cooling System: 2 Units, Central Air

For more details please click here and contact our realtor

SOLD

Property: 
Thomas Street, Bloomfield, NJ 07003

 

  • 2 family house

  • Price: $155,000

  • Has Basement

  • Granite Counter Tops, Smoke Detector, Stone Floors, Ceramic Tile Floors, Fire Extinguisher, Carbon Monoxide Detector, 

SOLD

Use the mortgage calculator to calculate the monthly cost of each home. We suggest using 5% as the interest rate and $1,500 for the annual insurance just to provide cushion. These two numbers vary and depend upon your mortgage company, the market, and the insurance company. Calculator may not be exact.

ECLT homeownership is only attainable to those who are income qualified. The below income levels are determined yearly by the Federal Department of Housing and Urban Development. These levels are what the ECLT must use to determine eligibility, at 80% AMI. Furthermore, the monthly cost of the home must not exceed 39% of your gross monthly income. To calculate the estimated monthly cost of the home, please use the mortgage calculator on the right. To calculate 39% of your income use the percentage calculator below. 

 

# People in House  Max Income

 

 1                                    $52,850

 

 2                                    $64,000

 

 3                                    $67,950

 4                                    $75.500

 

 5                                    $81,550

 

 6                                    $87,600

 

 7                                    $93,650

 

 8                                    $99,700

UPDATED FY 2019 H

UD Income Limits

Essex County NJ Newark, NJ

HUD Metro AMI=$100,600

What is 39% of Your Monthly Income Before Taxes

 

Monthly Cost of Home  is what percent of Your Monthly Income Before Taxes

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