Christie Administration Launches $10 Million Predevelopment Loan Fund For Affordable Rental Housing To Revitalize Sandy-Impacted Communities

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    By Newjersey RealEstateRama -

    Trenton, NJ – June 28, 2013 – (RealEstateRama) — The New Jersey Department of Community Affairs (DCA) and its affiliate the New Jersey Redevelopment Authority (NJRA) today announced the creation of the Predevelopment Fund for Affordable Rental Housing. The new initiative, supported through federal Community Development Block Grant (CDBG) Disaster Recovery funds, will provide financing to help nonprofit developers revitalize Sandy-affected areas by covering the predevelopment costs associated with the redevelopment of properties that are currently considered unsafe, underutilized, or in foreclosure.

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