Affordable Housing Projects - Under Development

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 started construction in November 2009 and scheduled to complete in the fall 2010.

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 have secured planning approval, predevelopment work has been completed. We expect to commence construction in the late summer 2010.

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

242 Bergen Avenue- This property has remained an undeveloped eyesore for many years on a major thoroughfare in the Greenville Neighborhood.   This property is a 15,000 square foot building that sits directly across the street from both a middle school and a high school and represents a great risk for the residents of this neighborhood in its current condition. We are proposing to substantially rehabilitate and convert of this vacant building into 13 units of affordable housing units.  There is a significant need for housing for people with families and our plan to develop approximately 9 two-bedroom units and 4 one-bedroom units would create those opportunities.  The unit sizes for the one bedrooms will average 650 square feet and the 2 bedroom units will average 900 square feet. The rehabilitated property will incorporate Energy Star standards in an effort to manage the building efficiently and will incorporate 4 handicap accessible units all located on the 1st floor