The City of Hoboken is now accepting applications for its Affordable Housing Capital Fund.
The fund is designed to support projects that improve housing options for people of all income levels, helping to make Hoboken a more affordable and welcoming place to live.
Here’s everything you need to know to apply.
Key Takeaways:
- Nonprofits and public agencies in Hoboken can apply for funding to support affordable housing projects through the Affordable Housing Capital Fund (AHCF).
- Applications are due by February 28, 2025, at 4:00 PM. All submissions must be sent to [email protected].
- The funds are specifically for improving housing and creating workforce housing options to help people of all income levels.
What is the Affordable Housing Capital Fund?
Hoboken has opened its Affordable Housing Capital Fund (AHCF) for applications.
The fund was created in 2012 when the city passed a rule requiring developers to contribute money to support affordable housing projects.
Nonprofit groups and public agencies in Hoboken that serve residents can now apply for this funding opportunity.
The goal of the fund is to give financial support to housing projects that:
- Fix up or improve existing housing.
- Create new homes for people working in the city but struggling with the high cost of living.
Why Affordable Housing Matters
Living in Hoboken has gotten more expensive over the years.
In fact, the average rent in Hoboken and nearby Jersey City is now over $4,000 a month, which is one of the highest in the country.
Naturally, these rent hikes have left many residents struggling to afford their homes.
Affordable housing options in the city are in such high demand that waitlists for current programs have thousands of people on them.
Hoboken’s Affordable Housing Capital Fund helps address this problem by funding projects that create new affordable homes or improve existing ones.
How to Apply for Funding
If you’re part of a nonprofit or public agency in Hoboken, you might be able to get a grant from the AHCF.
Here’s what you need to know:
- Who Can Apply?
- Nonprofit organizations and public agencies based in Hoboken and serving residents.
- Deadline to Apply:
- Please submit your application by February 28, 2025, at 4:00 PM. Late applications will not be accepted.
- Where to Apply:
- Send your application to [email protected].
- Check out the detailed instructions and guidelines at www.hobokennj.gov/resources/affordable-housing.
- Need Help?
- If you have questions or need more information, contact Cathleen Wolf, the principal planner, at [email protected].
What Makes This Program Important?
The Affordable Housing Capital Fund is part of Hoboken’s effort to make the city more affordable and welcoming to everyone.
The money from this fund helps create housing for workers, families, and others struggling to keep up with the high living costs in the area.
Hoboken’s mayor, Ravi Bhalla, has stressed the importance of this program in keeping the city welcoming to all kinds of people.
By helping nonprofits and public agencies, the city is making sure more affordable housing is available for those who need it the most.
This program also fits with other housing plans by local leaders, like Councilman Russo, who has been working on simple and effective ways to add more affordable housing.
Why You Should Apply
The Affordable Housing Capital Fund is a great opportunity for nonprofits and public agencies because it funds projects that can make a real difference in the community.
Since many people in Hoboken are struggling with high rents, this fund will create more affordable housing options.
If your organization qualifies, then now is the time to apply.
Because the deadline is getting closer, this could be your chance to help build a more affordable and welcoming future for Hoboken.
