Jersey City Economic Development Corporation :: III. RESIDENTIAL DEVELOPMENT

III. RESIDENTIAL DEVELOPMENT

JCEDC Programs

The JCEDC, the Casino Reinvestment Development Authority (CRDA) and local NJ banks have combine resources and developed an affordable housing construction loan program. Utilizing NJ CRDA funds, the JCEDC makes construction loans for developers of affordable housing. Targeted areas include the Monticello Avenue and MLK Drive areas.

For more information call: (201) 333-7797

Division of Affordable Housing

Home Funds: Federal Funds administered by the Division of Affordable Housing to be used as grants and/or loans for the construction or rehabilitation of affordable housing.

CDBG Funds: Federal Funds administered by the Office of Grants Administration can be used for housing rehabilitation, or new construction (by a community development organization).

For more information call: (201) 547-5606

Department of Community Affairs

Balanced Housing Program: State funds are available for the acquisition, rehabilitation and/or new construction of affordable housing.
Home Program: Federal Funds allocated to NJ and administered with requirements of the Balanced Housing Program are available.
Low Income Housing Tax Credits: This program directs the allocation of tax credits which can be sold to equity investors. These tax credits must be used for rental housing targeted to households of less than 60% median income.

Hudson County Affordable Housing Trust Fund

This fund provides for the construction and permanent financing of affordable housing. Currently, applications are being accepted for non-profit organizations only.