Habitat for Humanity homes built with Provident Bank Donations

Two lucky Jersey City families will soon be the proud owners of the first Habitat for Humanity homes built in Hudson County.

Rep. Robert Menendez, D-Hoboken, and Jersey City Mayor Jerramiah Healy joined representatives of Habitat for Humanity in breaking ground on two adjoining lots on Ocean Avenue near Dwight Street in Greenville.

"This gives the opportunity for some of our citizens not only to get a stake in the city but to get a piece of the American dream," said Healy, who later launched into a heart-felt rendition of "God Bless America."

The plots were donated by the late Mayor Glenn D. Cunningham shortly before his death in May 2004.

Paul M. Pantozzi, president and CEO of Provident Bank, and Margaret Cook-Levy, president of the Habitat for Humanity board of trustees, spearheaded the effort to bring the charitable organization to Jersey City after working on various projects in Newark and Bergen County.

Cook-Levy said the new homes will send a ripple effect throughout the entire community.

"We are not only building for the home owners," she said. "Absentee landlords will see it in the best interest to fix up their own property."

Officials expect to break ground on two additional homes on Woodlawn Avenue at the end of next year, with the eventual goal of building 15 homes a year in 10 years.

Donations for the project come from Provident Bank, which contributed $75,000, Hudson Harbor Realty and Sadlon Realty.

Habitat for Humanity is considering roughly 10 Jersey City families for the three-bedroom homes on Ocean Avenue.

Recipients are chosen based on ability to pay, willingness to build the home, and financial need, said Cook-Levy, noting that recipients are given a no-interest mortgage. The price of each home will be about $85,000, paid off monthly at about $850.

Councilwoman Viola Richardson, who represents the Greenville district where the homes will rise, said she is excited to see the city increase its ever-dwindling share of affordable homes.

"I'm glad that Glenn (Cunningham) had the vision to embrace the program and that Mayor Healy has pushed it through," she said. "It shows what can be done for poor people if the government is there."

Menendez echoed those sentiments, noting that the federal government needs to do more to provide affordable housing for its citizens.

"Don't celebrate the sticks and mortar that will rise, let's celebrate the families that will be here," he said.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.