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/

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. 

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