More Help for New Homes in Distressed Cities

NEW BRUNSWICK, NJ-Adding more fuel to the urban fire that has been gaining momentum in New Jersey over the past couple of years, Fannie Mae, Public Service Electric & Gas–NJ’s largest utility–and the State of New Jersey are putting $14 million on the table as an incentive to get developers to build more urban housing. The program was announced at a press conference here on Friday, and New Brunswick is one of seven cities targeted for the largesse. The others are Trenton, Camden, Paterson, Newark, Jersey City and East Orange.

The program goes by the name of Cool Cities. Besides the connotation that NJ’s cities are now a cool place to build, it also relates to the fact that that qualifying new homes must meet the standards of PSE&G’s Five-Star Energy Efficient Home Program.

“Our cities are coming back,” says Jane Kenny, commissioner of the New Jersey Department of Community Affairs. Her agency is kicking in a total of $5 million.