A real estate finance group has recently acknowledged that they are planning on investing in seven buildings in New Jersey that are offering affordable housing. They received a 144 million dollar loan to this end. It’s a joint venture between several financial groups.
There are about 1,000 housing units in these seven building that are intended for low-income seniors to live in. Each of these buildings are located in different areas of the state, and are currently housing tenants that are on the federal government’s Section 8 assistance program.
This news comes after the New Jersey Supreme Court ruled that new housing must be built to make up for the lack in affordable housing in the state. The state didn’t keep up with the amount of housing that needs to be available, and this court ruling is now forcing the state to improve the options for low-income housing. It’s believed that the state may be required to provide more than 200,000 more low-income housing units.
Other investors looking to enter into the real estate market may find that it’s beneficial in New Jersey because of this lack in low-income housing. The added appeal of Section 8 is that the rent is often paid or subsidized by the government, and that the people living in the home aren’t responsible for the entire rent amount. For landlords, this helps to eliminate some of the issues that come from having to collect rent from tenants.
It doesn’t matter if you are looking to purchase your first property or sell it, getting the expertise of a real estate attorney is a smart choice. You can protect yourself through the different steps of the buying and selling process by having a lawyer involved. Contact the Law Office of Joel R. Spivack to discuss your current property case.