Disaster Recovery Funds to Yield More Affordable Rental Housing
Federal disaster money set aside to help build more affordable rental units in New Jersey is being put to work.
Of the $10 million earmarked for the low interest Predevelopment Loan Fund, $3 million is being awarded to builders to help construct over 400 rental units through out the state.
Department of Community Affairs Commissioner Richard Constable says “they [builders] could use it for the purchasing of a site, site acquisition. They could use it to prep a site. So it’s for the predevelopment of a housing development project.”
Constable made the announcement in Cape May Court House Friday where ten single-family rental homes are being constructed by the United Cerebral Palsy of Northern Central and Southern New Jersey to benefit special needs families in financial need.
The money is also assisting builders to redevelop a site in Newark into a 152 unit assisted living residence for senior citizens as well as senior housing complexes Fair Lawn, Bergen County and Atlantic City.
The Predevelopment Loan Fund has a remaining $7 million balance that both non-profit developers and for profit builders can apply for. Constable says the New Jersey Redevelopment Authority (NJRA) is accepting applications for the Predevelopment Loan Fund for Affordable Rental Housing Fund. Non-profit developers can view the program guidelines and the application online at njra.us/njra/site/default.asp. Developers can call (609) 292-3739 for additional information.