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/

The Weber Briar Project is Underway

Description:New construction of 9 two family homes. 18 housing units total.

Location:134-142 Cator Ave and 33-39 New Street, Jersey City, NJ

Budget:$3.552M

Project Plans

Weber Friar Concept

This project involves the acquisition, demolition of existing building and new construction of nine (9) two family homes for a total of 18 units. Each of the 2,600 square foot homes will sell for $195,000 and would be affordable to families earning a minimum of $31,000 annual or at 46% of the AMI.

The homes will be sold to low to moderate income buyers who will rent the rental unit to a low/moderate income family. The owner’s unit would be on the second level with three bedrooms and two baths, with garage parking on the first level.  The rental unit will be a 2 bedroom apartment, located on the first floor.  We are proposing roughly gross square footage of 2600 per home.  Other amenities include spacious living room, formal dining room, ample closet space, hard wood floors.  Kitchen features include Energy Star appliances that include stainless steel gas oven/range with range hood, stainless steel refrigerator, stainless steel dishwasher and easy clean laminated kitchen counter-tops.  The homes will have central heating and ventilation and hook ups for washer and dryer.   All homes will have backyards and a ten-year New Home Owner Warranty.

Existing Conditions

SOLD!!! – 98 Stevens Avenue, Jersey City

Address: 98 Stevens Ave, Jersey City, NJ 07305

  • $235,000 Sales Price
  • 3.5% Down Minimum Down Payment
  • 6 Bedrooms / 5 Bathrooms
  • 2 Car Garage
  • Near Liberty State Park
  • Repairs to be completed by end of July 2014

Eligibility Restrictions Apply

How Do I Apply? 

Existing Conditions

Typical Finishes

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. 

Implementation Begins for Greenville Community Plan

Members of the Greenville Community Partnership (GCP) have reason to celebrate today after finding out their neighborhood plan entitled, “I Love Greenville Community Plan” has received $100,000 courtesy of Horizon Healthcare Services through the New Jersey Department of Community Affairs’ (NJDCA) Neighborhood Revitalization Tax Credit (NRTC) Program. Last October, GCP’s neighborhood plan was approved by NJDCA to participate in the NRTC program. Funds are being administered by Garden State Episcopal Community Development Corporation (GSECDC), headquartered in Jersey City, to implement health and wellness programs for seniors, financial literacy and volunteer programs for youth, and to recruit Greenville entrepreneurs for business training courses to start local businesses. GSECDC will be partnering with local organizations, AngelaCARES and Rising Tide Capital to roll out these services.

 GSECDC Executive Director, Carol Mori states, “GSECDC is proud to facilitate this process and commends all of the participants, particularly the residents and steering committee members, for their commitment to positive change in Greenville. Planning efforts like this command attention and funding and I sincerely thank Horizon Healthcare Services and the New Jersey Department of Community Affairs and all that support us in this effort.”

 Over a 10-month period ending in December 2012, the Greenville Community Partnership brought together residents, business owners, local non-profits and other organizations to participate in extensive neighborhood planning process. During that time roughly 500 attended five public meetings and over 350 surveys were conducted door-to-door. The planning area stretches from Woodlawn Ave to Union St between Bergen Ave and Ocean Ave.

 GCP Coordinator and Assistant Project Manager for GSECDC, Matt Ward says, “Implementation will not be easy. The challenges facing the Greenville Neighborhood did not develop overnight and they will not be resolved overnight. But by working together, bringing a unified voice to the needs of the community, the goals of the community can be realized.”  

Download Press Release Here

BACKGROUND: To date, GSECDC has completed the development of 240 units of affordable housing over 90 scattered sites, mostly in Greenville. Started in December 2011, the Greenville Community Plan is the agency’s first foray in the community organizing. The Greenville Community Partnership has over 15 steering committee members that include residents, churches, businesses and representatives from AngelaCARES Inc, College Preparatory Incentive, Friends of Lifers Youth Corp, Jackson Hill Main Street Management Corp, North Jersey National Action Network, Rising Tide Capital, Urban League of Hudson County and others. More information about the plan and its participants available at:

www.facebook.com/GreenvilleCommunityPlan

Housing Development Pipeline 2014

Below is a list of projects still under development or about to start. GSECDC's Division of Housing and Community Development is hard at work making these projects a reality. With a pipeline of $13,068,000, GSECDC will create 64 units on 31 sites serving 210 people. All of these projects are expected to be complete by the end of 2015. Garden State Episcopal CDC is building strong communities. 

Project Description Completion Date Unit Count Development Cost Number of Sites People Served
Neighborhood Recovery Program Phase 2 Home ownership, acquisition, rehab and resale of foreclosed two family homes Jun. 2015 10 $1,355,000.00 5 35
Bergen Hill Scatttered Site Strategy Home ownership, acquisition, rehab of single and vacant two family homes Jun. 2015 4 $1,081,000.00 4 18
Weber Friar Homes Home ownership, new construction on vacant lots Dec. 2015 18 $3,575,000.00 9 63
Neighborhood Recovery Program Phase 3 Home ownership, acquisition, rehab and resale of foreclosed two family homes Sep. 2015 10 $1,765,000.00 7 35
Hobart Project Special Needs rentals, new construction May. 2015 11 $3,032,000.00 1 20
Ocean Avenue Low and Moderate income rentals, new cosntruction Dec. 2015 5 $1,305,000.00 2 18
NRP Rental Rental, acquisition, rehab of foreclosed two family homes Dec. 2015 6 $955,000.00 3 21
Subtotal Predevelopment 64 $13,068,000.00 31 210

Completed Housing Project List

To date, GSCDC has completed the development of over 240 residential units, turning over 90 abandoned properties into quality housing for over 630 people through a $40-million investment in emerging markets.

GSCDC is a premier, affordable housing non-profit developer in Jersey City with over two decades of experience in building quality housing. The Division of Housing and Community Development is responsible for carrying out GSCDC's mission providing quality affordable housing opportunities to families that cannot comfortably afford to rent or buy in the private market.  

Project Description Completion Date Unit Count Development Cost Number of Sites People Served
Resurrection House LIHTC rental units-rehab of abandoned school 1993 28 $4,200,000 1 70
Mid City 1 and 2 (44 Scattered Sites) LIHTC rental units- scattered site infill, 44 vacant lots 1995-1997 88 $13,200,000 44 264
Bentley House Supportive Housing - acquisition of single family 1998 5 $200,000 1 5
Britton House Supportive Housing - acquisition of single family 1998 5 $200,000 1 5
Beacon House Supportive Housing - rehab of vacant 3 story building 2000 6 $750,000 1 15
Eugenia Suthern Homes Home ownership, 2 family homes new construction on 2 vacant lots 2005 4 $400,000 2 12
Grant/Myrtle homes Home ownership, 2 family homes new construction on 4 vacant lots 2007 8 $1,250,000 4 24
Greenville Homes Home ownership, 2 family homes new construction on 4 vacant lots 2008 8 $1,500,000 4 24
All Saints Supportive Housing - rental new construction on 2 vacant lots 2009 8 $2,000,000 2 8
Columbia Park Place Supportive Housing - rental new construction on 1 vacant lot 2009 6 $1,400,000 1 15
Houses of Hope Supportive Housing - rental acquisition of single family home 2009 6 $717,000 1 6
The Monticello Mixed use- Home ownership, condominiums and 2,000 sf of commercial, new construction on 2 vacant lots Nov. 2010 8 $2,100,000 2 20
Neighborhood Stabilization Program Home ownership, acquisition, rehab and resale of foreclosed two family homes Dec. 2011 18 $3,100,000 9 54
The Van Brunt Homes Home ownership, 2 family homes new construction on 7 vacant lots Nov. 2011 10 $2,230,000 7 30
Neighborhood Recovery Program Phase 1 Home ownership, acquisition, rehab and resale of foreclosed two family homes May. 2013 8 $1,294,000 4 28
Bergen Court Apartments Low income rentals (4 special needs), gut rehab of abandoned structure Jul. 2013 12 $2,522,000 1 24
Halladay Homes Home ownership, new construction on vacant lots Nov. 2013 8 $2,089,889 7 28
Liberty View West Supportive Housing rentals, gut rehabilitation of abandoned foreclosed structure Dec. 2013 4 $811,000 1 4
Total Completed 240 $39,963,889 93 636

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.