$3M in federal funds to help affordable housing post-Sandy

The state announced that $3 million in federal funds will be awarded to help develop 433 affordable housing units in the wake of Superstorm Sandy.

The money is from the federal Community Development Block Grant Disaster Recovery funds, the state Department of Community Affairs reported.

The state reported that $500,000 in low-interest loans will go to  non-profit developers of each of six projects, a total of 10 single-family rental homes and 423 apartment units of affordable housing.

State officials announced the funding in Cape May Court House,  the location of a four-acre site that will be developed into an affordable multifamily residential complex of 10 single-family homes by United Cerebral Palsy of Northern Central and Southern New Jersey. The homes will benefit special needs families in financial need.

“Affordable housing projects like the one here in Cape May Court House will have an important ripple effect in Sandy-impacted communities and will create urgently needed, safe and affordable housing for New Jersey families,” said DCA Commissioner Richard Constable in a release.

Other projects to receive assistance through the Predevelopment Loan Fund include the redevelopment of a site in the Newark into a 152-unit assisted living residence for senior citizens; redevelopment of a site in Fair Lawn, Bergen County, into a 64-unit senior housing complex; and redevelopment of three structures in Atlantic City into a 58-unit rental property for low- to moderate-income people aged 55 and older.

The Predevelopment Loan Fund is part of the state plan to utilize $1.82 billion in Community Development Block Grant (CDBG) Disaster Recovery funds provided by the U.S. Department of Housing and Urban Development (HUD) to assist in the recovery and rebuilding of Sandy-affected counties.

$3M in federal funds to help affordable housing post-Sandy