Community Corner

Manasquan Savings, Coastal Habitat Partner to Build Affordable Home

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 3.

Coastal Habitat for Humanity built the home and provided Dortch and her children with a 0 percent fixed rate mortgage that can be paid back within 20 to 30 years. 

“We are so proud to be partners with Coastal Habitat for Humanity,” said Peter Brown, president of Manasquan Savings Bank, who was on hand at the house dedication. “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 said.

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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.

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