State Expands reNew Jersey Stronger Initiative
The Christie Administration is expanding the state's reNew Jersey Stronger housing initiative with a $70 million Landlord Rental Repair Program. The program will provide grants to help rental property owners repair, reconstruct or elevate rental units damaged by Sandy. The initiative will provide $50,000 per unit to be made available at affordable rental rates. Eligible owners of rental property in the nine most-impacted counties will be prioritized. The program is expected to benefit 1,500 rental units.
"The Landlord Rental Repair Program is another piece of my Administration's ongoing commitment to assist New Jersey renters and rental property owners who are continuing to rebuild and recover from the effects of Superstorm Sandy," said Governor Chris Christie. "This new $70 million grant program is a key piece of the $379 million we are investing to create new affordable housing units statewide over the next two years."
Those seeking to participate in the program must agree to rent their rehabilitated units to low and moderate-income families. They also must agree that the property will be a year-round rental.
“Because rental property restoration is critical to the long-term health of our state after Superstorm Sandy, we are pleased to add the Landlord Rental Repair Program to our overall housing recovery efforts,” said New Jersey Department of Community Affairs Commissioner Richard E. Constable, III. “In addition to increasing the supply of rental housing in areas that were damaged by the storm, the Landlord Rental Repair Program will also serve to help revitalize damaged neighborhoods by transforming blighted buildings into newly renovated rental properties.”
Properties with 25 or fewer units are eligible for the program and they must have sustained damage from the storm. For more information, visit www.renewjerseystronger.org or call 1-855-SANDYHM.