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.
Just five days after the Certificates of Occupancy were issued by Jersey City, We are proud to announce that all four of the homes at 291-297 Halladay Street are under contract.
291-297 Halladay Street...
...is Garden State Episcopal Community Development Corporation’s first home ownership project in the Morris Canal Section of Jersey City. It involved the new construction of 4 two family homes for moderate income buyers and renters. This project is made possible through the investment of the Jersey City Division of Community Development with a grant from the HOME Investment Partnership Program in the amount of $1,089,000 and through the acquisition of the vacant lots at nominal cost from the Jersey City Redevelopment Agency. Construction financing is being provided by TD Bank. Each of the homes includes a 3BR/2.5BTH duplex unit for the home owner with a bonus family room and a 3 BR rental. Each of the homes will be sold for $250,000 to first time home buyers. To date, GSECDC has built 240 units of affordable housing by redeveloping 93 scattered sites throughout Jersey City.
A ribbon cutting ceremony was held on at 297 Halladay on Monday March 10, 2014. In attendance was Ward F Councilwoman Diane Coleman, Senator Sandra Cunningham, Executive Director of Morris Canal CDC June Jones, Assistant Executive Director of Jersey City Redevelopment Authority Chris Fiore, Jersey City Mayor's Aide Doug Carlucci, and TD Bank representatives including Pat DiSanto.
Currently, three of the four homes are under contract with a the fourth soon to be under contract this week. All buyers are from Ward F and two are from the Morris Canal neighborhood.
This site is dedicated to:
Benjamin (April 14th 1916- 1983) & Queen Esther Thomas (October 5th 1917- March 10th 2007)
Queen Esther Hogan was married to Benjamin Thomas and together they opened a restaurant on 572/574 Grand Avenue called “Queen & Ben’s” in the 1950’s. It was very rare to see an African American owned business. In addition they were owners of the neighborhood store located on the corner of 125 Maple Street and Halladay Street. Raising 4 sons Benjamin, Bernard, Ballard (deceased) and Bryan Thomas. Three served the United States of America as decorated Air Force officers in Vietnam. The Thomas family regularly fed the hungry and provided assistance when residents required legal information teaching them how to establish credit. In the 1950’s social services weren’t available and the Thomas family offered assistance utilizing 125 Maple Street on the weekends to provide dental care for neighborhood children free of charge. Queen Esther Thomas became politically active in 1954 and was the district committee person. In 1955 she ran in a very close race for a seat in the state assembly becoming the first African American woman to run for this office. Millionaire mogul Malcolm Forbes creator and founder of Forbes Magazine was compelled to send Queen Esther a personal telegram congratulating her on a well fought race.
Queen Esther Thomas was an active member and usherette at Monumental Baptist Church for many years. The marriage union between this loving couple lasted 46 years before Benjamin passed away in 1983. Queen Esther departed Jersey City to spent her golden years in North Carolina and then eventually being laid to rest in Arizona with each one of her surviving sons by her side. Always community first, without fanfare, Benjamin and Queen Esther Thomas are being recognized for the unselfish commitment to the community and the people they sincerely loved in the Lafayette-Greenville community.
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.
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.
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.
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.
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:
- About - where you will find information about the organization's history, current board of directors, senior staff and press articles
- 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
- Homebuyers - this is for potential first time homebuyers visiting our site to find more information about current affordable housing opportunities.
- 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.
- 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.