The plan provides for $25 million for the Sandy Special Needs Housing Fund (Sandy SHNF) and $25 million for supportive services. It is estimated the Sandy SNHF will create 250 supportive housing units over the next two years!
Seventy-five percent of the Sandy SNHF and ninety percent of the supportive services would need to be spent in the nine most impacted counties.
“This plan puts into motion the specific actions we’ve been designing to get relief out as quickly as possible to our Sandy-impacted homeowners and businesses – to reconstruct, rehabilitate and elevate homes, and to get over hurdles for our small businesses to get up and running again.”
After a seven-day period for public comment, which ends on March 19th, the Christie Administration will submit the Action Plan to HUD for approval.
A quick review indicates the following:
Sandy Special Needs Housing Fund
Because of the storm’s impact on housing that accommodates special needs populations, as well as victims of domestic violence, a direct allocation will be made to the New Jersey Housing and Mortgage Finance Agency to operate a fund in a manner similar to the New Jersey Special Needs Housing Trust Fund dedicated to the construction of quality, permanent supportive housing throughout New Jersey to expand housing options for these groups. Click here for details.
Rental Housing Programs
New Jersey is proposing a range of rental housing activities that could create or rehabilitate 5,050 housing units, designed to (1) replenish the stock of rental housing lost due to Superstorm Sandy, (2) rehabilitate and restore affordable rental units left uninhabitable by Sandy, (3) restore rental housing inventory that received the majority of damage to rental property and (4) provide affordable housing for special needs populations.
In recognition of the breadth of damage inflicted by Superstorm Sandy, at least 80% of the projects will address the need for affordable housing in the nine most impacted counties; however, it is clear that the loss of housing in coastal areas and the push of displaced residents to other areas of the State has led to, and will continue to lead to, a severe shortage of rental housing in many areas across the State. Click here for more details.
It is estimated the Action Plan’s rental development and rehabilitation programs will create 3,000 jobs and $500 million in economic activity.