Bayonne Community Action Affordable Housing Project (cont.)

BCAP, The Urban League of Hudson County and the Bayonne Housing Authority collaborated to piece together the financing that made this project happen.  HMFA together with DCA also played a major role in providing funding for this project, being the first financed through HMFA’s Small Rental Project Loan Program.   This program acts as a smart growth-financing tool, providing construction, permanent and subsidy funding for the acquisition, construction, preservation and rehabilitation of multi-family housing projects containing 5-25 units.

Under this program, rents must be affordable to households earning 80% or less of the median income, assuring that the Bayonne Community Action Affordable Housing Project will serve the purpose for which it was developed - to provide housing that is affordable to those who need it.

Rents will range from $568 to $1,213 a month.  A two-bedroom apartment in Bayonne can rent typically for $1,600 a month while a three-bedroom can go for more than $2,000 a month.