New Brunswick, NJ
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New Jersey
December 05, 2013
Gov. Christie Announces $2.65 Million Award to Develop Affordable Homes In Sandy-Impacted Counties

Continuing the ongoing development of affordable housing opportunities in Sandy-impacted communities, the Christie Administration today announced the award of $2.65 million in federal Community Development Block Grant (CDBG) Disaster Recovery funds to cover the predevelopment costs of 603 units of affordable housing.

The New Jersey Redevelopment Authority (NJRA) is providing low-interest loans to the non-profit developers of six projects that will provide a total of 603 units of affordable housing. The loans range from $350,000 to $500,000. Today’s announcement of the award of $2.65 million from the Predevelopment Loan Fund for Affordable Rental Housing brings to 1,036 the total number of affordable housing units being created through the program. The NJRA awarded $3 million in September to help develop 433 housing units.

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