The state Department of Community Affairs (DCA) released its Request for Proposals (RFP) for nonprofit and for-profit developers to take advantage of $4.5 million available to create projects in the Trenton neighborhoods of downtown, Hanover Academy, Mill Hill or the Train Station that incorporate market-rate rental housing as part of an overall urban revitalization strategy.
The funds, which are being provided as gap financing, come from the Downtown Living Initiative Program and will be available in the form of a zero percent non-amortizing loan.
The minimum number of project rental units is 10, and only one project will be awarded per developer. Funds can be used for project-related capital costs, including construction, professional fees, financing fees, acquisition (must be part of a development project) and contingencies.
Primary consideration will be given to projects that demonstrate how a market rate rental project can be integrated with, or provide stimulus to, other development projects, such as retail, office or urban home ownership. New construction or conversion projects will be given priority.
Consideration will be given to substantial rehabilitation projects in existing rental properties, which have been vacant for at least two years and are critical to a neighborhood. Secondary review factors will include readiness to proceed, applicant’s ability to deliver, private funds leveraged and amount of subsidy required.
To be eligible, applicants must be experienced for-profit and nonprofit housing developers with a minimum of five years of real estate development experience and currently in good standing with the State of New Jersey.
All applications must be submitted via the DCA's electronic application system known as the System for Administrating Grant Electronically (SAGE) at https://dcasage.intelligrants.com/Portal.asp.
The electronic SAGE application, as well as two hard copies of all required attachments and submittals, must be received by DCA, at 101 South Broad Street, Trenton, NJ 08625 on or before the deadline of 5 p.m. December 27, 2017.