New Jersey Unveils Groundbreaking $25 Million Affordable Housing Support Initiative
MORRISTOWN, NJ, May 30, 2023 – The New Jersey Redevelopment Authority (NJRA) has launched the Affordable Housing Support Initiative (AHSI), a significant new program designed to address affordable housing needs in eligible municipalities across the state. With $25 million in funding from the Affordable Housing Trust Fund, the initiative will provide crucial resources for community redevelopment projects.
"Every New Jerseyan deserves access to safe and affordable housing," said Governor Phil Murphy. "This initiative marks a significant step in resolving the housing challenges our communities face. By leveraging state resources and fostering partnerships between developers and municipalities, we are committed to making affordable housing accessible to all."
The NJRA will spearhead this initiative, fostering redevelopment in eligible municipalities by deploying state resources for affordable housing needs in community redevelopment projects. This initiative will aid both for-profit and nonprofit developers involved in the development of affordable housing units.
"This initiative represents a unique opportunity to revitalize communities and create sustainable affordable housing for New Jersey residents," said Leslie A. Anderson, CEO of the New Jersey Redevelopment Authority.
The first AHSI project, approved by NJRA, collaborates with Invest Newark to cover costs associated with the development of 20 affordable, for-sale housing units. These housing units will be built based on the waiting list of qualified home buyers with approved mortgages.
Marcus Randolph, President and CEO of Invest Newark, said, "In line with our mission to advance prosperity for all Newarkers, we're helping Newark residents realize homeownership dreams, providing contract opportunities to local developers, removing neighborhood blight, and expanding the City’s tax base.”
Newark Mayor Ras J. Baraka expressed gratitude for the selection of Newark as the first location for an AHSI project, acknowledging the importance of increasing homeownership as a part of the city's affordable housing strategy.
Eligible municipalities, alongside for-profit and nonprofit developers, are encouraged to submit comprehensive applications to the NJRA for redevelopment projects in identified urban areas as part of their respective municipal redevelopment plans.
The NJRA will perform an initial screening of each application to ensure it aligns with the program's objectives. The review process will consider the municipality's redevelopment goals and community input. Applicants with deficient applications will receive constructive feedback.
For more information about the Affordable Housing Support Initiative, visit www.njra.us or contact the NJRA at (609) 292-3739.
About the NJRA:
The NJRA focuses on improving quality of life by creating value in New Jersey's urban communities. The Authority invests financial and technical resources into redevelopment projects to make a positive impact in eligible communities, ensuring projects are urban-focused, neighborhood-based, and investment-driven. Visit the NJRA online at www.njra.us.