New Jersey officials are committing more than $135 million in federal funds to persuade developers to build more affordable housing units in the nine counties slammed hardest by Hurricane Sandy. The commitment is part of New Jersey’s plan to spend $1.8 billion in Sandy relief provided by the U.S. Department of Housing and Urban Development earlier this year, state officials said today. It pulls money from two funding programs outlined in the state’s initiative.
One of the two programs, the $179.5 million Fund for Restoration of Multifamily Housing, offers developers zero- and low-interest loans to create affordable dwellings. The other program, the $25 million Sandy Special Needs Housing Fund, provides financial help to developers who are creating rental housing for people with special needs.
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