New Jersey has published its action plan for the $1.8 billion
CDBG grant allocated by HUD to assist the State's Hurricane
Sandy recovery efforts. The public comment period for the action
plan will end at 5:00 pm on March 19. Additional allocations are
expected to be made at subsequent dates to be determined by HUD.
Funds must be spent within two years unless HUD provides an
extension. Governor Christie has designated the New Jersey
Department of Community Affairs as the entity responsible to HUD
for administering the distribution of CDBG funds for New Jersey.
The action plan provides for the distribution of the $1.8 billion
of CDBG funds in the following areas: homeowner assistance; rental
housing; economic revitalization; and support for state and local
agencies. Within each category are a variety of programs to address
specific recovery needs. As an example, with respect to rental
housing, $100,000,000 is designated to facilitate the creation of
quality, affordable housing units to help New Jersey recover from
the loss of multi-family housing. CDBG funds will be provided as
zero- and low-interest loans to qualified developers to leverage 9%
and 4% low income housing tax credits, tax-exempt bonds and
stand-alone financing to support development. Awards will be
limited to $120,000 per unit. Similarly $75,000,000 will be awarded
through NJEDA in amounts up to $10,000,000 to redevelopment
agencies, municipalities, businesses and nonprofits, including
CDFIs and CBDOs for community revitalization. These funds may be
used for property acquisition, demolition, site preparation and
infrastructure repair and installation as well as physical
improvement and expansion of existing facilities.
This article is for general information and does not include
full legal analysis of the matters presented. It should not be
construed or relied upon as legal advice or legal opinion on any
specific facts or circumstances. The description of the results of
any specific case or transaction contained herein does not mean or
suggest that similar results can or could be obtained in any other
matter. Each legal matter should be considered to be unique and
subject to varying results. The invitation to contact the authors
or attorneys in our firm is not a solicitation to provide
professional services and should not be construed as a statement as
to any availability to perform legal services in any jurisdiction
in which such attorney is not permitted to practice.
Duane Morris LLP, a full-service law firm with more than 700
attorneys in 24 offices in the United States and internationally,
offers innovative solutions to the legal and business challenges
presented by today's evolving global markets. Duane Morris LLP,
a full-service law firm with more than 700 attorneys in 24 offices
in the United States and internationally, offers innovative
solutions to the legal and business challenges presented by
today's evolving global markets. The
Duane Morris Institute provides training workshops for HR
professionals, in-house counsel, benefits administrators and senior
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
On October 5th, 2016, the Internal Revenue Service and Treasury Department published final, temporary and reproposed regulations1 under Sections 707 and 752 of the Internal Revenue Code of 1986, as amended.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).