$2.4M Awarded For Affordable Housing Project In Ocean City

OCEAN CITY, NJ — A $2.4 million award from the Department of Community Affairs (DCA) will help build more affordable housing in Ocean City.

The award is among more than $108 million given to nonprofit organizations and developers across the state through the Affordable Housing Trust Fund (AHTF) since the start of the Murphy Administration.

DCA has awarded AHTF funding to 44 projects, helping to create and preserve 939 affordable housing units. This number includes 153 affordable homeownership opportunities.

“Each of these Affordable Housing Trust Fund projects has been meticulously designed to suit the needs of New Jerseyans across the state,” said Gov. Phil Murphy. “We are grateful for the partnership of the Department of Community Affairs, as well as the nonprofits and developers helping us build stronger, fairer communities and putting the American Dream back into reach for generations of working families.”

The total $2,450,047 was awarded to the Ocean City Community Development Corporation for the Ocean City Scattered Site Affordable Rentals project. This project will build five buildings - 10 units - at various sites throughout Ocean City.

The money comes from the Municipal Settlement Fund, which helps municipalities create smaller-scale projects that fit into the landscapes of their neighborhoods and assists them in fulfilling their court-sanctioned affordable housing settlements.

“Without safe, stable, affordable housing, people can become caught in a recurring cycle of housing insecurity that affects their ability to hold a job, go to school, provide food, and maintain their health. These challenges can begin to feel insurmountable,” said DCA Commissioner Jacquelyn A. Suárez. “Through the Affordable Housing Trust Fund, we are making headway in addressing this critical need so that our fellow New Jerseyans can achieve healthy, high-quality, and productive lives.”