New Jersey Department of Community Affairs (DCA) - Division of Housing and Community Resources
12/27/17 5:00 PM Receipt
Loans to New Jersey nonprofit and for-profit housing developers to create market-rate rental housing projects that will revitalize the following Trenton neighborhoods: the Train Station, Downtown, Mill Hill, and Hanover. Primary consideration will be given to projects that demonstrate how a market-rate rental project can be integrated with, or provide stimulus to, other development projects, such as retail, office, or urban homeownership.
Funds can be used for project-related capital costs, including construction, professional fees, financing fees, acquisition (must be part of a development project), and contingencies.
New construction or conversion projects will be given priority. Consideration will be given to substantial rehabilitation projects in existing rental properties which have been vacant for at least 2 years and are critical to a neighborhood.
Secondary review factors will include readiness to proceed, applicant's ability to deliver, private funds leveraged, and amount of subsidy required.
GrantWatch ID#: 182515
Awards will range from $500,000 to $4,500,000.
The timeframe for completion of activities allows up to two years from Grant Award date.
Experienced for-profit and non-profit housing developers are eligible to apply.
Successful candidates will have the experience and the capacity to successfully undertake the proposed activities as outlined below:
1) Development and management of rental properties in urban areas
2) Minimum of 5 years of real estate development experience
3) Be in good standing with the New Jersey Development of Community Affairs
1) Proof of site control
2) All financial sources must have written commitments
3) Projects must be able to be completed within two years
4) Projects must not be located in a floodplain or environmentally sensitive area
5) Articles of Incorporation
6) Certificate of Good Standing with the State of New Jersey
7) Original Sealed Resolution of support form the applicant's board
8) Project must meet or exceed Energy Star standards
9) Developer fee must not exceed 15% of the project total development cost
10) Debt Coverage Ratio must be at least 1.2
1) In place of private financing
2) Project reserve accounts
3) Development, operations, or modernization of existing occupied units
4) Payment of delinquent taxes, fees, fines, or charges
5) Single room occupancy (SRO) or homeownership projects
6) Acquisition of vacant land without development
7) Projects that are currently or anticipate receiving other DCA funding
8) Scattered site projects
The electronic SAGE application must be received by DCA by 5:00 PM on December 27, 2017. Applicants will be notified within 90 days of submittal.
Funds will be provided in the form of a zero percent non-amortizing loan. Funds must be repaid upon future refinancing or sale.
USA: New Jersey: Trenton neighborhoods of the Train Station, Downtown, Mill Hill, and Hanover