CAMDEN, N.J. (KYW Newsradio) — A Camden community development group on Tuesday hosted walkthroughs of the future homes of first-time homebuyers currently under construction. The 10 new properties are going up in what was formerly a vacant lot on Empire Avenue.
Sheila Green, with the Parkside Business and Community In Partnership (PBCIP), says she has seen growth in the more than 15 years she has been living in the community.
“Fifteen years ago we were in blight, we had drug problems, we had a lot of negatives going on. We didn't see a real road to come back — and funding was, like, you know, kind of limited. A lot of the funders were not the same people that they are today,” Green said.
Funding for the homes is made possible in part through a Neighborhood Revitalization Tax Credit investment from New Jersey American Water. The new homes that are under $130,000 are affordable with built-in equity.
PBCIP CEO Bridget Phifer says the disparities in homeownership in the state are striking. White families possess a median household wealth of $322,500, where Black and Latino families face considerably lower figures of $17,700 and $26,100, according to a report by The New Jersey Institute for Social Justice.
“When we talk about narrowing the divide, when we talk about creating legacy and generational wealth, this is the type of housing that could do so,” Phifer said.
PBCIP offers a mandatory financial literacy program for buyers, called the Hope Institute, to promote economic empowerment.
“We have our clients go through over a 12-week period, six modules that will actually teach them about the home buying process, the mortgage process, about credit, and how to restore your credit,” Phifer added.
Miosha Lawrence purchased her home in the neighborhood more than 10 years ago under a similar first-time home-buying program.
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“I was like, immediately, I want one of these homes because I need to start thinking of building wealth, attaining wealth and as a single person, a lot of us don't think that that's attainable, or just don't focus on that,” said Lawrence.
First-time homebuyers could receive up to $15,000 toward down payment and closing costs through state or local agencies or first-time homebuyer programs offered by many banks. Camden Mayor Vic Carstarphen says this helps to make homeownership attainable.
“It's about partnerships supporting CDC, Parkside business community, working together, having a vision, impacting the quality of lives for the people in our community,” Carstarphen said.
Four homes on Empire Avenue will be ready for purchase by the end of this year, and six others nearby will be ready next spring.
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