The borough of Roosevelt was established by an act of the New Jersey Legislature on May 29, 1937, from portions of Millstone Township. Originally called Jersey Homesteads, the name was changed to Roosevelt on November 9, 1945, in honor of Franklin D. Roosevelt, who had died on April 12, 1945. Roosevelt the Borough was created during the Great Depression as part of Roosevelt the President’s New Deal, its main purpose being to resettle Jewish garment workers. The town was conceived as an integrated cooperative project, with farming, manufacturing, and retail all on a cooperative basis. The economy of the town consisted of a garment factory and a farm. Objectives of the community were to help residents escape poverty, to show that cooperative management can work, and as an experiment in government intervention.
Source: Snyder, John P. The Story of New Jersey’s Civil Boundaries: 1606-1968, Bureau of Geology and Topography; Trenton, New Jersey; 1969. p. 182.