NJ Program Helps Rental Homeowners Affected by Storm Ida: How to Apply?

NEW JERSEY – There is good news in New Jersey if you are a rental owner affected by Storm Ida in September 2021.

Indeed, the New Jersey Department of Community Affairs (DCA) will help owners of one to seven rental units recover from the effects of Ida through the New Jersey Housing Repair Program. Small Housing Units rental (SRRP). In addition, the measure will make it possible to offer affordable housing options to low- and moderate-income families.

This Ida recovery program is the fourth of programs DCA has just launched as part of the third phase of the Murphy administration’s Ida recovery strategy, focused on helping homes and communities that remain. affected.

“This rental repair program is designed to help small rental property owners repair the damage caused by Ida, to better prepare them for the next storm,” said Lieutenant Governor Sheila Oliver, who serves as Commissioner of the DCA. “Los préstamos de condonación con intereses cero ya están disponible y, por lo tanto, pedimos a los arrendadores de viviendas de alquiler a solicitar esa financial assistance for reparations y que, en sus comunidades, puedan ofrecer esas viviendas a familias que necesitan un lugar asequible or live”.

What is the Small Rental Home Repair (SRRP) program?

The Small Rental Repair Program provides zero-interest, repayable loans to owners of one to seven-unit rental properties that require rehabilitation and/or elevation as a result of damage caused by Hurricane Ida. The program also enables mitigation activities, such as utility and structural upgrades, grade grading and stabilization, and drainage improvements that are designed to make rental homes more resilient to future storms. Assistance can also be provided to make the accommodation accessible to people with disabilities.

Rental units assisted by PRRS funds must be rented to low- and middle-income households at affordable rents for a certain period after the rehabilitation of the unit(s) has been completed. The requirement of this program is to increase the supply of affordable rental housing in areas that were damaged by Hurricane Ida.

How does this program help?

Various forms of assistance are available to landlord tenants participating in the PRRS. For example, they may be eligible for assistance to repair or raise the property, or both. The program also makes homes more resilient to the onslaught of future storms by strengthening structures and utilities and improving the drainage system that will limit flooding. Landlords may also receive assistance with installing ramps, lifts or walk-in showers to make homes accessible to tenants with disabilities. The type of assistance provided will be determined on a case-by-case basis.

Who meets the requirements?

• In order to be eligible for program assistance, rental owners must either own the property at the time they apply or have an option to purchase the property at the time.
• Owners of buildings with seven (7) rental units or less.
• Priority will be given to owners who owned the property at the time of Hurricane Ida and still own the property at the time of application.
• Priority will also be given to owners of 1 to 4 dwellings.
• The property must have had at least one foot of flooding or $8,000 of damage from Hurricane Ida, as determined by FEMA, or there must be a Housing Program Damage Assessment, which must be located in one of the following counties under disaster declaration: Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union and Warren.

What is the application period?

The application period is from April 3, 2023 to June 5, 2023.

What should I do after completing the work with the help of the program?

Once construction is complete on the subsidized project, landlords must rent these units at affordable rates to low- and middle-income families whose income must be at or below 80% of the area’s median income.

The number of years of affordable rent that the owner of the housing unit is required to provide will be determined by the amount of the loan granted by the PRRS.

Where can I get more information and complete the application?

Rental property owners can apply here. They can also call (609) 292-3750 or email [email protected].

For more information, go here.