Landlord Incentive Program
The State of New Jersey has allocated $40 million in Community Development Block Grant Disaster Recovery funds for the Landlord Incentive Program. The Landlord Incentive Program is designed to make it financially possible for rental property owners of all sizes to provide safe, suitable and affordable housing for low- and moderate-income residents who have found it difficult to locate housing after Superstorm Sandy.
The Program provides rental property owners with a steady revenue stream for at least two years to encourage them to rent their vacant apartments to families of limited financial means with the guarantee of receiving fair market value rent. Rental property owners will receive roughly the difference between 30 percent of the tenant’s monthly income and federal fair market rents each month. For example, a landlord in Monmouth County would receive the fair market rent for a two-bedroom apartment which is $1,410 (approximately $820 paid by tenant with a Landlord Incentive Program grant of approximately $590 paid by the State).
Each individual grant varies based on county, the property’s number of bedrooms, and the tenant’s income.