Coastal Habitat for Humanity of Spring Lake, with the support of Manasquan Savings Bank and other sponsors, dedicated their latest home to Letitia Dortch of Asbury Park on March 3rd, 2012. The home, located on Borden Avenue in Asbury Park, will provide Letitia a safe and affordable environment to raise her two children. Coastal Habitat for Humanity built the home and provided Letitia and her children with a 0% fixed rate mortgage that can be paid back over 20 to 30 years.
Through a program called Neighborhood Stabilization, Habitat is reimbursed for a substantial amount of the construction costs on their new housing projects. However, funding needs to secured in advance. Once the home is built, construction costs are then reimbursed. To bridge the gap, Manasquan Savings Bank provides the construction financing, which allows Habitat to continue planning and building future homes.
“We are so proud to be partners with Coastal Habitat for Humanity,” Says Peter Brown, President of Manasquan Savings Bank, who was on hand at the house dedication. “As a community bank, we are committed to making our Shore communities better places to live and work. Ray Gabler and the folks at Coastal Habitat for Humanity share the same ideals. Our commitment to the program means we’ll be able to help build many more homes and help many more families like Letitia’s,” he concludes.