Affordable Housing Finance

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Bon Jovi Steps Up for Housing

AFFORDABLE HOUSING FINANCE • November 2008

ROCKER JON BON JOVI is helping to build 51 affordable units with support for lowincome and special-needs residents in Newark, N.J. The partnership between Bon Jovi’s Philadelphia Soul Charitable Foundation and nonprofit developer HELP USA will create the Newark Genesis Apartments.

The foundation, which has been involved in building 140 homes in Philadelphia, New Orleans, and other cities, will provide $1 million toward the $15 million development’s construction. The New Jersey Housing and Mortgage Finance Agency is providing $1.6 million in construction and permanent financing, a $1.5 million grant from its Special Needs Trust, and low-income housing tax credits that will generate more than $7.5 million in equity. The state Department of Community Affairs will provide $2 million from its Balanced Housing Fund.