The Christie administration is hoping to replenish the rental housing stock depleted during Sandy by offering grants to landlords who complete repairs.
The governor's office announced the $70 million grant program on Tuesday.
Eligible landlords can receive up to $50,000 to repair, rebuild or elevate rental units for low- or moderate-income residents.
The nine counties hardest hit by Sandy will get priority, but the grants are open to landlords in all 21 counties.
Some 1,500 rental units are expected to be rehabbed.
The state is spending another $310 million in post-Sandy aid to create new affordable housing units over the next two years.