New Jersey Beefs Up Affordable Housing


Intended to sustain neighborhood stabilization efforts throughout New Jersey, a $25,000 grant has been awarded to the New Jersey Community Capital (NJCC) by the New Jersey Association of REALTORS® Housing Opportunity Foundation, Inc. (NJARHOF). The grant money, according to the New Jersey-based nonprofit lender NJCC, will be used to control resources to uphold the development of affordable housing in the state’s most affected neighborhoods.

The New Jersey Association of REALTORS® Housing Opportunity Foundation, Inc. (NJARHOF) is a non-profit charitable organization that seeks to create greater homeownership opportunities for New Jersey residents. Since 2004, NJARHOF has already given New Jersey Community Capital nearly $270,000 in grants for the construction and rehabilitation of hundreds of affordable housing units throughout the state.

Meanwhile, NJCC has showed remarkable use of NJARHOF’s grant contributions for the past seven years that it was funded by the organization. By leveraging the funds, providing equity financing to affordable housing developers, and offering low-cost pre-development and acquisition loans, NJCC was able to recycle the grant money and invest in additional community development initiatives.

“NJARHOF’s grant money is being applied to a variety of NJCC’s affordable housing endeavors,” explained NJCC President Wayne T. Meyer. “It’s currently playing a pivotal role in the development of supportive housing for residents with special needs, while also providing the means to acquire and rehabilitate foreclosed properties that are becoming sources of blight in their neighborhoods. The impact of NJARHOF’s investment in New Jersey’s underserved communities is substantial and far-reaching.”

At present, NJARHOF’s grant makes the partnership possible between NJCC and Declarations, Inc.—a non-profit organization dedicated to providing support services to individuals with developmental disabilities and mental illness throughout New Jersey. Through NJCC, Declarations, Inc. is able to acquire five manufactured housing units in Eatontown and convert the units into supportive housing for nine low-income individuals with special needs. Likewise, NJCC is also using the NJARHOF grant to expand its comprehensive neighborhood stabilization strategies, which have been instrumental in restoring communities, particularly those hard hit by the mortgage and foreclosure crisis. The NJARHOF grant is providing NJCC with resources to formalize its innovative stabilization model that includes property valuation, bulk purchasing, non-traditional financing and mixed-market property disposition.

Source: PRWeb, March 19, 2011

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