NEW BRUNSWICK, NJ - City officials want to use $553,274 in federal funds to partially finance construction of a multi-family affording housing development on Remsen Avenue in partnership with a non-profit agency that now owns the property.
The city is seeking to amend its Consolidated Action Plan for 2017-2018 to reallocate the money for a project at 45 Remsen Ave., property owned by Community Asset Preservation Corporation, a non-profit agency based in New Brunswick.
No plans have been filed for any construction on the Remsen Avenue site.
City officials hope to work with the non-profit agency in developing affordable housing, but the first step is amending the Action Plan to reallocate the funds.
If the city commits to this funding, that money would cover a portion of the cost for the project, according Glenn Paterson, city planning director. He said CAPC would have to find additional financing from other sources.
New Brunswick is now seeking public input and comment on the proposed amendment to the Action Plan.
Residents have until Sept. 9 to file written comments with the city Department of Planning. Community and Economic Development in city hall on Kirkpatrick Street. Copies of the amendment are available at city hall or at New Brunswick Public Library, 60 Livingston Ave., or at the city Housing Authority offices, 7 Van Dyke St.
The information is also available online at city website:
The city intends to submit this "substantial amendment" to federal Department of Housing and Urban Development in September. HUD oversees the HOME funding program.
CAPC is a subsidiary of New Jersey Community Capital, a statewide non-profit agency that finances affordable housing, city officials said.