Garden State Affordable Housing

Garden State Affordable Housing, Inc. manages the New Jersey Housing Opportunity Funds. The Funds acquire affordable housing throughout New Jersey that has been allocated low-income housing tax credits and invest in properties that provide significant social services to inner-city communities. The objective is ensuring that capital is available for affordable housing that meets a social need and is located in an inner-city community.

The first New Jersey Housing Opportunity Fund was created in 1994 and raised $12 million to finance five projects. The Chase Manhattan Bank, Bank of New York, First Union National Bank, PNC Bank, Fleet Bank, Spencer Savings Bank and FannieMae have committed $16.5 million to New Jersey Housing Opportunity Fund II. New Jersey Housing Opportunity Fund III is currently being organized.

The Housing Opportunity Funds have twelve investments that provide 380 units of affordable housing throughout New Jersey. The projects range from Sunrise House in Newark which provides 22 units of housing for formerly homeless women to Cooper Waterfront Homes in Camden which provides 65 units for families.

The Funds provide a total of 240 units for families, 46 single room occupancy units for women who would otherwise be homeless and 18 units of transitional family housing for women with children where the women are substance abusers or are in a physically abusive relationship. The Funds also provide 20 single room occupancy units for men who would otherwise be homeless, 36 units for developmentally disabled adults and 20 transitional units for families in the process of leaving the public assistance roles.

Projects are located in Newark, Jersey City, Elizabeth, Trenton, Camden, and Voorhees.

During 2001, the Housing Opportunity Funds entered into two conditional commitments to acquire an additional 70 units of affordable housing. The projects will be financed by New Jersey Housing Opportunity Fund III or another investor.

For more information about Garden State Affordable Housing, contact Joe Matara at jmatara@newcommunity.org or (973) 639-7845.