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NJ Housing Association Launch Program to Help BIPOC Developers Expand Affordable Homeownership 6/12/2023 The Housing and Community Development Network of NJ (the Network), with the support of NJ’s Department of Community Affairs (DCA), today announced the launch of a new program providing comprehensive training and certification for quality affordable housing production. Available to nonprofit community developers with a focus on Black, Indigenous, People of Color (BIPOC) developers, the Jumpstart Program focuses on homeownership development to help close NJ’s racial wealth gap. “Homeownership is the single largest mechanism by which families create and maintain wealth,” said Staci Berger, president and chief executive officer of the Network. “Unfortunately, a severe shortage of affordable homes has perpetuated NJ’s racial wealth gap, harming residents and communities of color. We’re very excited to launch Jumpstart to support BIPOC developers with the training and tools to succeed and boost NJ’s stock of affordable homes.” According to the NJ Institute for Social Justice, just 38.4 percent of Black New Jersey households own homes compared to 75.9 percent of white New Jersey households. In addition, the typical white family in New Jersey has $132,000 in home equity, while the typical Black family rents so they have $0 in housing wealth. Although housing counseling and homeowner assistance programs are currently available to NJ residents, the shortage of affordable housing stock for homeownership has been a barrier for homebuyers. Supported by the NJ Affordable Housing Trust Fund, the Jumpstart Program is a multiyear program that will be available to organizations, including those that have faced financial hardship and wish to grow or reestablish their development programs. Utilizing experts in the field to serve as consultants, program participants will receive comprehensive training, stepping through all phases of the development process including planning, acquisition, financing, and project management. Participants will also learn about developing a business plan, marketing tools, community outreach, and preparation of potential homeowners through housing counseling. Rhonda Coe, of R.B. Coe Consulting LLC, will lead the initiative. Interested organizations should visit www.hcdnnj.org/jumpstartprogram to complete a pre-application form. About the Housing and Community Development Network of NJ For more information: Nina Rainiero |
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