Solutions for Foreclosures

Garden State Episcopal CDC is creating housing solutions for municipalities. We are repurposing foreclosures as mixed income housing with half the subsidy of new construction. For just $50,000 of subsidy per unit we can acquire, rehab and complete a sale in just 7.5 months. This is compared to $100,000 in subsidy for new construction and a 2 year timeline. We work fast turning eyesore and liabilities into neighborhood assets, stabilizing property values and building a strong base for new comps. Our average per unit cost is $165,000 compared to $250,000 per unit for new construction. From 2010 to 2013, we rehabbed 13 foreclosures in Jersey City creating 26 units with a $4 million investment. Those homes generated $3 million in mortgage activity and $1.5 million in construction contracts that went to local contractors. Moving forward, we are rehabbing 27 units with $6 million. We are "Building Strong Communities." To find out more about GSECDC please visit: http://gsecdc.org/about-us/

Liberty View West Complete

Former Foreclosure to Future Asset

Garden State Episcopal CDC has completed another project in Greenville. GSECDC acquired a formerly foreclosed property, completed moderate rehabilitation and turned it into 4 units of housing. We think it is an improvement but we will let you be the judge. 

Greenville NRTC Proposal Accepted

Today, GSECDC was notified that GCP's "I Love Greenville Phase One" proposal was accepted into the qualified project's pool for the 2014 NRTC program. Credits under to $975,000 could be headed toward GCP programs. 

During the month of October, the GCP Steering Committee put together a strong application for high priority plan activities. Proposed programs or projects will include: Senior and Youth Services; Entrepreneurship Training, Community Liaison and Outreach, and Residential Development along Ocean Avenue. Now GCP is in wait to see if investors will invest in proposed activities for Greenville.

Greenville Initiative is NJDCA approved

Today, the Greenville Community Partnership received a letter from Commissioner Richard Constable that their neighborhood plan was accepted by the New Jersey City Department of Community Affairs (NJDCA) into their Neighborhood Revitalization Tax Credit Program (NRTC). 

The Neighborhood Revitalization Tax Credit Program (NRTC) is designed to foster the revitalization of New Jersey's distressed neighborhoods. NRTC offers business entities a 100 percent tax credit against various New Jersey state taxes. Credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods. A total of $10 million per year is available in tax credits.

NRTC funds are used by neighborhood-based non-profit organizations that have prepared, submitted and received approval from the Department for a revitalization plan for the neighborhood it serves. The funds must be used by the eligible organizations for projects and activities that will implement the goals and strategies of the approved neighborhood plan. The maximum amount per application is $1 million. NRTC rules and policies govern the number of applications and grants that an eligible organization may submit and receive.

 

Bergen Court Apartments are NOW OPEN

Garden State Episcopal Community Development Corporation (GSECDC) is proud to have held a ribbon cutting event for the Bergen Court Apartments. After the building sat vacant for 10 years, GSECDC successfully partnered with HMFA, Jersey City, Hudson County and New Jersey Community Capital to substantially rehabilitate this facility. The project located at 242 Bergen Ave, Jersey City includes 12 affordable housing units, eight two-bedroom units with rents below 60% of the area median income and four one-bedroom units that are set aside for chronically homeless individuals with disabilities.

Read more about the project on the Together North Jersey website.


Greenville Plan Receives Smart Growth Award

All the work of the Greenville Community Partnership has been recognized by Hudson County.

Last month "I Love Greenville Community Plan" received a Smart Growth Award from the Division of Planning for Hudson County for Smart Planning and Policy. The 4th annual Hudson County Smart Growth Award Ceremony was held last night. In attendance will be GSECDC Executive Director Carol Mori, GSECDC Director of Housing and Community Development John Restrepo and GCP steering committee members.

  From left to right: Evans Jones, Eric Mason, Carol Mori, Carolyn Oliver-Fair, and John Resrepo

From left to right: Evans Jones, Eric Mason, Carol Mori, Carolyn Oliver-Fair, and John Resrepo


New Website With New Look And More Information

Garden State Episcopal Community Development Corporation (GSECDC) has revamped their website. "The new website is a great start but but as we move forward we will include more pictures and detailed information enhancing the richness of our content to demonstrate the great deeds we do here at GSECDC," says Matt Ward, Assistant Project Manager. The new website is optimized for all screens, tablets, phones, laptops and desktops. Matt continues, "I know that many of my customers access our website from their phones. So, that is great feature and will benefit many customers." During the overhaul site navigation has been simplified into five main categories:

  1. About - where you will find information about the organization's history, current board of directors, senior staff and press articles
  2. What We Do - covers the operations of the two major divisions at GSECDC: the Division of Supportive Housing and Social Services and the Division of Housing and Community Development
  3. Homebuyers - this is for potential first time homebuyers visiting our site to find more information about current affordable housing opportunities. 
  4. Archive - is the official GSECDC blog where all things GSECDC are posted. Find the latest information, recent grants, for sale properties, upcoming events and more.
  5. Contact - where visitors to the site can get directions or phone numbers to the our several offices around Jersey City, sign up to volunteer, or donate to GSECDC.

We hope you enjoy the new site as much as we do. 

Old Website

 

New Website

SOLD - 156 Stegman Street, Jersey City

Two-family home

$200,000 Sales Price

3.5% minimum downpayment

Eligibility restrictions apply

How Do I Apply? 

156 Stegman Facade