A foreclosed home in Jersey City will soon be acquired and revitalized by the Garden State Episcopal Community Development Corporation (GSECDC) thanks to a $75,000 grant from the people at Wells Fargo Housing Foundation. The grant for the two-story home comes as part of an effort to make affordable housing more attractive to first time home buyers. The grant will be formally presented to the GSECDC on Friday, January 13th, at 514 Newark Avenue at 10:00 a.m.
“GSECDC, the City of Jersey City and our corporate partners came together to carry out the NSP project which has helped stabilize housing values in a community that has a disproportionate share of the City’s foreclosures.”
Alongside Wells Fargo representatives presenting the award at the event, local pols At-Large Councilwoman Viola Richardson and newly-elected Ward F Councilwoman Michele Massey will be on hand in one of the first joint-appearances by the former Ward F Councilwoman and her hand-picked successor. Perhaps most interesting to prospective buyers, Diana Perez, a homeowner who purchased one of the city’s revitalized foreclosed homes, will be at the event to represent the program’s successes.
The $75,000 comes as just a fraction of the almost $3 million the GSECDC raised in the past two years to fix up 18 foreclosed future homes in areas of the city the group describes as having been “affected the most by foreclosures.” The group credits this earlier success in attracting Wells Fargo’s grant.
“In our effort to mitigate the effects of foreclosures in our community, GSECDC, the City of Jersey City and our corporate partners came together to carry out the NSP project which has helped stabilize housing values in a community that has a disproportionate share of the City’s foreclosures,” said Carol Mori, Executive Director for GSECDC, in a statement. “In this process, Wells Fargo provided mortgage products to several of our first time home buyers that agreed to purchase the foreclosures after we rehabilitated them. We are delighted that the Wells Fargo Housing Foundation has agreed to work with us on the redevelopment of additional units.”