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/
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.
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.
To date, GSECDC 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.
GSECDC 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 GSECDC's mission providing quality affordable housing opportunities to families that cannot comfortably afford to rent or buy in the private market.
A foreclosed home in Jersey City will soon be acquired and revitalized by the Garden State Episcopal Community Development Corporation (GSECDC) thanks to a $75,000 grant from the people at Wells Fargo Housing Foundation. The grant for the two-story home comes as part of an effort to...Read More
The project involved the acquisition, rehabilitation and resale of 9 foreclosed two-family homes on scattered sites throughout Jersey City.Read More