Predevelopment Fund for Affordable Rental Housing
The New Jersey Redevelopment Authority received $10 million in Community Development Block Grant (CDBG) Disaster Recovery funds to administer the Predevelopment Loan Fund for Affordable Rental Housing, which was created to address the affordable rental housing shortage exacerbated by Superstorm Sandy. The program’s intent is to assist nonprofit developers with costs associated with developing properties deemed as unsafe, underutilized or in foreclosure.
The Predevelopment Loan Fund for Affordable Rental Housing targets New Jersey redevelopment areas and, per federal government requirements, provides priority to eligible developers in the nine counties the federal government determined were most impacted by the storm which include Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union counties.
Am I eligible to rent one of these affordable housing units?
Households whose income is at or below 80 percent of the area median income for their county are eligible to rent an affordable housing unit.
How do I apply?
Renters are unable to directly apply for assistance under this program. However, as the housing units are available for rent, the apartment dwellings will be subject to the income qualifications.
For more information on available affordable rental units, including those assisted with Predevelopment Loan Funds, please visit the New Jersey Housing Resource Center.