About the Neighborhood Enhancement Program
What is this program?
The Neighborhood Enhancement Program provides funding to stabilize neighborhoods at risk of blight through the creation of affordable housing. The program is intended to be a component of local government plans to invest in and rebuild these communities. It funds the rehabilitation or re-use of properties that are abandoned, foreclosed and vacant and addresses the shortage of affordable housing caused by Superstorm Sandy, while at the same time returning blighted buildings to viability. The program provides zero percent loans to eligible entities that will create for sale or rental housing units through rehabilitation, redevelopment or new construction. Initial occupancy of the units developed under this program is restricted to households at or below 80 percent of Area Median Income as defined by the federal government.
Who is eligible?
Certified Community Development Financial Institutions (CDFI) and Local, County and State Certified Community Housing Development Organizations (CHDO).
What will the program fund?
The program provides gap financing up to $250,000 in subsidy per housing unit (based on need and bedroom size). The maximum award is $1,750,000 per project. Funding can be used for hard and soft costs for the following activities: acquisition, rehabilitation, reconstruction, and demolition. Acquisition and/or demolition must be directly related to new construction activities.
How do I apply?
Under the current Request for Proposals (RFP), $10 million is available. DCA is hosting a mandatory technical assistance workshop at 10:00 a.m. on Monday February 23, 2015, at the DCA Building, 101 South Broad Street, Trenton. Preregister is required. RSVP by February 20, 2015 to Jill Woolford at email@example.com.
Interested Parties can access an application and additional information through SAGE (System for Administering Grants Electronically) by way of the DCA’s main web page at https://dcasage.intelligrants.com/.