Funding Update

Neighborhood Revitalization Tax Credit Program: The NRTC is a designed to foster the revitalization of New Jersey’s distressed neighborhoods. The program offers business entities a 50 percent credit against various New Jersey state taxes. Credits are provided to business entities that contribute toward the revitalization of low- and moderate-income neighborhoods in eligible cities by supporting implementation of a neighborhood revitalization plan developed by a community-based nonprofit. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remainder may be used for complementary activities such as open space and infrastructure improvement, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods.

Application deadline: Accepted on a continuous basis

Information: Application and guidelines: Call 609-633-6278 or http://www.nj.gov/dca/dcr/nrtc/index.shtml

For additional information, contact Michael Powell at 609-393-3752, ext. 13 or mpowell@hcdnnj.org.

DCA Unveils New $5 Million Subsidy Program: The Department of Community Affairs is allocating $5 million per year to reduce the cost of building new housing units for very low-income residents (those earning less than 30 percent of area median income) under its new Deep Subsidy Program. Multiunit rental—including family or senior citizen projects—are eligible for funding. The minimum project size is 10 affordable units, including the units eligible for deep subsidy funding. The maximum amount of subsidy per project will be $500,000. Tenants with Section 8 rental subsidies will not be eligible for a deep subsidy unit. The program is funded from the Neighborhood Preservation Balanced Housing Program.

Information: Click onto www.state.nj.us/dca/dh/bh/dsubsidy.shtml

For additional information, contact Leonard Robbins at 973-286-0086, lrobbins@hcdnnj.org.

Market Oriented Neighborhood (MONI): The Housing and Mortgage Finance Agency's Market Oriented Neighborhood Investment (MONI) ) program is designed to encourage economic diversity by helping developers and nonprofit housing sponsors construct housing that contains a mix of market-rate, moderate-income and low-income units. Geared toward homeownership, MONI will help stabilize targeted neighborhoods and stimulate economic growth. The program is not limited to the development of large tracts of land. Building in-fill housing and rehabilitating abandoned, vacant structures are encouraged to further revitalization efforts.

Information: www.state.nj.us/dca/hmfa/biz/devel/moni/ or contact Paul Ceppi, MONI Program Manager, at 609-278-7617 or pceppi@njhmfa.state.nj.us

Balanced Housing Program: Funds are available to municipalities to build new homes and preserve existing homes for families of low and moderate income levels. Through this program, developers and nonprofit organizations partner with communities to provide rental and home ownership for families.

Application deadline: Accepted on a continuous basis
Information: www.state.nj.us/dca/dh/pubs/balanhous.pdf

Community Investment Program: A housing and community-lending program providing reduced interest-rate advances for housing benefiting families with incomes at 115 percent or less of area median income, and for economic development projects located in low- and moderate- income neighborhoods or that benefit families at or below 80 percent of area median income.

Application deadline: Accepted on a continuous basis
 

Rural Economic Development Advance: Lending program providing financing of economic development projects for targeted beneficiaries in rural areas with incomes at 115 percent or less of area median income.

Application deadline: Accepted on a continuous basis
 

Urban Economic Development Advance: A lending program that provides financing of economic development projects for targeted beneficiaries in urban areas with incomes at 100 percent or less of area median income.

Application deadline: Accepted on a continuous basis
Information: http://www.fhlbny.com/cmtydevl/Commdevframe.htm

Last updated June 20, 2005.