Housing Production
"Owning our own home was our dream. Because of La Casa de Don Pedro, our dream has come true. We believe that Newark is on the move. Things are looking up and the community is coming back."
--Luis A. Lozada, first time home-owner who purchased and moved into a new two-family home with is wife and children--
The Greater Newark & Jersey City LISC Program is committed to aiding CDCs in revitalizing neighborhoods in Newark, Jersey City, East Orange Irvington and Orange. Over the years, LISC's main focus has been to increase the affordable housing stock through the construction of new homes or the rehabilitation of existing structures.
LISC has been able to support CDC efforts by providing project based technical support as well as funding for projects during the pre-development phase through to construction. LISC's ability to support CDC efforts at such an early phase in the development process attracts interest from other local funders as well. LISC financial support includes grants, loans, recoverable grants and lines of credit.
Pictured right, is a two family house completed by New Visions CDC in Newark. The completed development project will bring 35 new units to the neighborhood bordering Newark and Irvington.
Most recently, Lincoln Park Coastal CDC was named the developer for the Symphony Hall West Redevelopment Area. LISC’s technical, project based and operating support played an integral role in the CDC obtaining this significant designation. LISC funds, a $165,500 recoverable grant, will help the CDC develop new construction as well as provide substantial rehabilitation to existing structures bringing mixed income condominiums and town homes to Newark’s Central Ward. Total development cost for the first phase of the project is $4,580,232.
For a list of CDCs that have received support from the Greater Newark & Jersey City LISC office please refer to the Partners section of the site or click here.