NJHOMES Launchpad Predevelopment Fund
NJHOMES Launchpad Predevelopment Fund supports participating municipalities and nonprofit developers with early project work to move permanent affordable rental and homeownership housing toward construction.
Funder: New Jersey Department of Community Affairs
Due Dates: Rolling (until funds are expended)
Funding Amounts: Loans up to $75,000 per type or $150,000 combined per development
Summary: Project-specific loans help NJHOMES Launchpad municipalities and nonprofit developers prepare permanent affordable housing projects.
Key Information: Projects must be 100% affordable, have no more than 25 units, and be in a participating municipality.
Description
The New Jersey Department of Community Affairs (NJDCA) offers the NJHOMES Launchpad Predevelopment Fund to municipalities participating in NJHOMES Launchpad that have partnered with nonprofit developers. Its two project-specific loans support proposed permanent affordable rental housing and homeownership developments. Eligible projects may involve acquisition, new construction, reconstruction, or rehabilitation, with suitable amenities.
Site Control Loans help teams assess preliminary feasibility and secure a property. Seed Money Loans support later preconstruction work, such as architectural plans, engineering studies, planning or zoning approvals, and efforts to obtain construction financing. The fund is intended to move feasible affordable housing projects toward development, not to support an organization’s general operations.
