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:

The Monticello - Completed

Project Details

Addresses: 167-169 Monticello Avenue

Description: Mixed-use Development; 7 condominiums for first time home buyers and 2,000 sf of commercial; new construction on 2 vacant lots

Completion: November 1, 2010

Total Number of Units: 8

Number of Home Ownership Units: 7

Number of Commercial Spaces: 1

Development Cost: $2,100,000

Number of Sites: 2

People Served: 20