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Arts District Affordable Lofts - Not Rentals???
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Home away from home
Home away from home


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I noticed this advertisement in the JC Reporter and also received via email.

This building was approved and received zoning variances to go residential before the creation and approval of the Powerhouse Arts District.

The City was to purchase six units with HUD monies to then rent to qualified artists.

Now it appears that these units are up for sale, albiet at lower than market selling price.

Does anyone know why these units are not being offered as rentals and what happend to the money the city was to purchase these units with?



140 Bay Street ? Work/Live Artist Units
Powerhouse Arts District
Fact Sheet

AVAILABILITY OF PRE-APPLICATIONS

The City of Jersey City, Department of Housing, Economic Development & Commerce, is offering Pre-Applications for the 140 Bay Street ? Work/Live Artist Units. There are six units available to qualified artist for the non-negotiable price of $200,000. This program will provide increased opportunities for affordable homeownership in the Powerhouse Arts District for Jersey City Certified Artists.

Pre-Application Forms will be available beginning on Tuesday, February 21, 2006, between the hours of 9:00 A.M. to 4:00 P.M. at the following location:

CITY OF JERSEY CITY
HOUSING, ECONOMIC DEVELOPMENT & COMMERCE
30 MONTGOMERY STREET, DIRECTOR?S OFFICE ? SUITE 1400
JERSEY CITY, NJ 07302

201-547-4282? For Additional Information

Pre-Application Forms must be returned to the Department of Housing, Economic Development & Commerce at the above address. Forms should be hand delivered to Housing, Economic Development & Commerce no later than Monday, March 20, 2006 at 4:00 P.M. If mailed, forms must be post marked by Monday, March 20, 2006

In order to qualify for the 140 Bay Street ? Work/Live Units, the family income must be within the following range for the respective family size:

Family Size: One-Two Persons
Not to Exceed: $62,240.00


Preference will be given to certified artists who live in Jersey City. In order to be considered for a 140 Bay Street ? Work/Live Artist Unit, applicants must meet the following criteria:

* Have not owned a home in the last three (3) years
* Meet the income criteria based on family size as listed above
* Certified as Artist by the Jersey City Planning Board seven (7) days prior to lottery
* Must Qualify for a Mortgage in the Amount of $200,000*
* Mortgage Restrictions on Future Sales will Apply

All qualified artists will be place in a lottery to determine the equitable distribution of the six available units

*Less any down payment. Pre-Qualification and Good Faith Estimate from an Accredited Financial Institution will be required prior to lottery.

JERRAMIAH T. HEALY
MAYOR

Barbara Netchert
Acting Director, HEDC

Posted on: 2006/3/9 18:32
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