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Garden State Will Spend $150 Mil on Housing Initiatives

TRENTON-The funding, which will focus on all income levels, will be divided between two separate programs administered by the New Jersey Housing and Mortgage Finance Agency.

By Eric Peterson | Updated on September 26, 2001

TRENTON-Acting Gov. Donald DiFrancesco yesterday announced a total of $150 million in state funding designed to create both ownership and rental housing opportunities at all income levels. The money will be split between two different initiatives that will be overseen by the New Jersey Housing and Mortgage Finance Agency.

“All residents deserve to live in a home that they can afford,” DiFrancesco said in announcing the initiatives. “These funds will help build new housing in our cities and create rental apartments that will be available to people of all incomes.”

About $110 million of the total will come from proceeds from the sale of taxable and tax-exempt bonds. HMFA has been directed through the state initiative to fund 15 multifamily projects in 14 different communities. The resulting 1,900 new units of affordable housing will be designated for families and senior citizens.

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