New Affordable Housing Project Officially Underway In Ocean City, NJ

Construction crews will soon be moving dirt on what will be Ocean City’s largest affordable housing project ever. It’s a 60-unit Pecks Beach Village development on the north side of Fourth Street which is aimed to modernize the old units and help the city meet state housing obligations.

This $23 million project replaces the aging 1960s Pecks Beach Village complex with modern, neighborhood-friendly buildings.

OCNJ Housing Project: Where’s The Money From?

Funding is a mix of grants and loans from the New Jersey Housing and Mortgage Finance Agency (NJHMFA), city contributions, and tax credits for private investors. It’s all a part of Ocean City’s strategy to meet its fair-share affordable housing obligations under a 2018 court settlement.

• READ MORE: NJ Residents Have Anxiety Over Home Break-Ins Now More Than Ever

In New Jersey, affordable housing isn’t just a marketing term. It’s tied to income eligibility and rent limits set by NJHMFA and local affordable housing rules. Typically, rental units must be priced so that monthly housing costs (including utilities) do not exceed about 30% of a household’s gross income, and households must fall below certain low or moderate income thresholds relative to the regional median.

Is OCNJ’s “Affordable Housing” Actually Affordable?

Local ordinance guidelines often require units to be affordable to households earning no more than 60 % of the region’s median income, with a portion reserved for very low-income households. That margin is at 30-50 % of median.

That means “affordable” in this Ocean City-specific context is geared toward working families, local employees and residents who can’t afford market rates for this region. Prospective tenants will have to qualify based on household size and income, as established by NJHMFA income limits.

• READ MORE: Here's Why NJ Car Insurance Rates Have Skyrocketed In 2026

With the this region’s NOTORIOUSLY high housing costs and limited space, developments like Pecks Beach Village aim to provide genuine, income-based housing options while blending into the neighborhood aesthetically. According to published reports, that’s been a key priority stated by housing authority officials.

Get our free mobile app

Completion is expected in 2027 or early 2028, but the real story will be in how many working families can actually afford life at the shore and how local renters and buyers access these units through income-based eligibility rather than market price alone.