8 George Street
MORRISTOWN – 2007
HQM Properties, Inc. was contacted by the Church of God in Christ (COGIC) to demolish a home in its neighborhood that was vacant and dilapidated. Working with Morris Habitat for Humanity and engaging the energy of local congregations, it was the first Inter-Faith build in Morristown. Each congregation pledged funds toward the construction of the project. The building provided an opportunity to low-income families to own a 3-bedroom home. These homes have a 30-year deed restriction and offset Morristown’s state affordable housing obligation.
Unique Features: This home was purchased for $90,000, well below market value. The low sales price was due to the heirs of the property’s affiliation with the Church of God in Christ and their wish to provide homeownership opportunities in the neighborhood.
The total development cost for this project was $595,000 and was financed as follows:
County HOME funds $305,000
HQM PROPERTIES, INC. $40,000
Private church donations $100,000
Morris Habitat in kind donations $150,000