On May 10, 2007, Jersey City Episcopal CDC celebrated the completion of our second home ownership project that consisted of four newly built two-family affordable homes in the Greenville neighborhood of Jersey City. The homes were built on vacant lots that have been eyesores to the neighborhood for many years and appraise at over $400,000 but will be sold to four moderate income first time homebuyers for $168,000. Each of the homes features a three bedroom unit for the buyers with a bonus recreation room in the attic floor and also includes a two bed-room apartment that is affordable to a low income renter.

All of the buyers are Jersey City residents a\nd graduates of the free First Time Home Buyers Class that we offer through out the year. The construction of these homes was made possible with the financial support of the Jersey City De partment of Housing, Economic Development and Commerce-Division of Community Development, with a HOME Investment Partnership Program grant totaling $547,000 and a construction loan from PNC Bank of $675,000. Another factor that contributed to the affordability of this project is the city selling the land to us at a nominal cost.

Without this kind of investment, these families would not be ale to become home owners because of the high cost of  housing in the area.  This project is a perfect example of how the non-profit sector, the public and the private sector can work together to address the housing needs of a key segment of Jersey City’s population that is not served adequately by the private market.

Two of the homes located on Myrtle Avenue in the Greenville section of Jersey City.