| Photo by Sigmund on Unsplash
TRENTON, NJ – An Affordable Housing Support Initiative (AHSI), a program created by the New Jersey Redevelopment Authority (NJRA), has been launched to address the affordable housing needs of eligible municipalities in New Jersey.
The new program will provide crucial resources to support community redevelopment projects and has $25 million in Affordable Housing Trust Fund funding. The NJRA has entered into a Memorandum of Understanding with DCA, which will be responsible for managing the program.
Under the Affordable Housing Support Initiative, the NJRA will focus on promoting redevelopment in eligible municipalities by deploying state resources to address affordable housing needs in community redevelopment projects. NJRA said the program would aid both for-profit and nonprofit developers engaged in developing affordable housing units. By leveraging these funding sources, the initiative aims to accelerate the progress of these projects.
Leslie A. Anderson, CEO of the New Jersey Redevelopment Authority, emphasized the significance of AHSI, stating, “This initiative represents a tremendous opportunity to revitalize communities and create sustainable, affordable housing options for New Jersey residents.”
NJRA approved the first project with Invest Newark to pay costs associated with the development of 20 affordable, for-sale housing units. The organization plans to construct each housing unit based on its waiting list of qualified home buyers with mortgage approvals. AHSI’s participation will enable Invest Newark to promptly complete site preparation and construction.
Invest Newark will work with the City and manage the Newark Land Bank. Marcus Randolf, president and CEO of Invest Newark, said their section 8 Homeownership Conversion Program is a national model for comprehensive economic mobility,” said Randolph. “In accordance with our mission of advancing prosperity for all Newarkers, we are helping Newark residents realize the dream of homeownership, extending contract opportunities to local developers all while removing blight from neighborhoods and expanding the City’s tax base.”
In collaboration with for-profit and nonprofit developers, eligible municipalities will be invited to submit comprehensive applications to the NJRA for redevelopment projects within the identified urban areas as part of their respective municipal redevelopment plans.
NJRA said the applications must include detailed proposals outlining the project’s scope, scale, size, committed and proposed funding sources, and the requested financing amount. It will initially screen each application to ensure alignment with the program’s goals. The review process, NJRA said, will consider the municipality’s redevelopment objectives and community input. Any deficient applications will be returned to the applicants with constructive feedback.
–With Jay Domingo/PDM
