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New Jersey’s State Housing and Mortgage Finance Agency (NJHMFA), together with the Corporation for Supportive Housing (CSH), is spearheading an innovative approach for hospitals to build affordable housing.
Over the past few years, NJHMFA and CSH worked with 25 hospital systems in New Jersey to encourage hospitals to begin participating directly in new housing developments. Hospital participation could be in the form of land donation, financing or direct developer/ownership roles. New Jersey currently has six affordable housing developments in the pipeline with hospital partners. NJHMFA offers matching financing and assistance to hospitals who commit to funding and supporting new projects.
For example, St. Joseph’s Hospital Paterson, New Jersey is building a 71-unit, $20 million supportive housing project on land it owned adjacent to its hospital. NJHMFA committed $3 million in subsidy to the project and has lent St. Joseph’s a matching $3 million contribution. St. Joseph’s has partnered with a local nonprofit developer to build and provide services for the project.
New Jersey is hoping to expand this model and committed new funds to grow this program. Could this be part of the future for healthy, affordable housing in Virginia?
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