Affordable Housing Projects - Under Development

Old Bergen Road-This project involves the new construction of a multifamily structure with 6 units of supportive housing for families. This project is 75% complete and will be completed by August 2009.

167-169 Monticello Avenue- This project involves the new construction of 7 units of affordable housing for moderate income first time home buyers and approximately 2,000 square feet of commercial space on the ground floor. JCECDC is currently working with PNC Bank for construction financing. Blue Cross Blue Shield and PNC Bank are investors through the NJDCA Neighborhood Revitalization Tax Credit Program, which helps cover the cost of the commercial construction. We expect to break ground by August 2009.

120-122 Monticello Avenue- C-line Community Outreach Services engaged JCECDC as its Project Manager for this mixed use development. The project involves the new construction of 6 units of affordable rental housing with approximately 7,000 square feet of childcare space on the ground floor. This project will break ground the 3rd quarter of 2009. All approvals and subsidy financing has been secured. We are currently applying for construction permits.

The Van Brunt Homes- This project involves the new construction of 5 two family homes at 34-40 Van Nostrand Avenue and 15-17 Oak Street. JCECDC has site control and secured a HOME grant for over $900,000 from the City of Jersey City. We are currently working to complete the predevelopment work and expect to break-ground by the end of year 2009.

Neighborhood Stabilization Program- JCECDC recently received a $922,000 award from the Jersey City Neighborhood Stabilization Program to acquire, rehab and resale 10-15 two family homes for moderate and middle income first time home buyers.  JCECDC has identified 192 bank owned properties in Jersey City. Of this, 87 of them or 45% are in the City’s NSP boundaries, and highly concentrated in Ward F or the Greenville/Bergen Hill neighborhood.  Most of these properties are 1 and 2 family homes.  As of April 2009, Realty Trac has listed 1,449 properties that are in pre-foreclosure. JCECDC efforts under this strategy will help curb some of the effects of foreclosure. JCECDC also plans to offer foreclosure prevention counseling. Click here to the map of bank owned properties