Christie Administration Celebrates Grand Opening of Franklin Street Villa, an Affordable Housing Project in Bergen County Assisted with Sandy Recovery Funds
Project Provides 30 Homes for Seniors; Eight Units Set Aside for Homeless and/or Disabled Veterans
NORTHVALE – (RealEstateRama) — New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials and community leaders to celebrate the grand opening of Franklin Street Villa, which includes 30 new housing units, eight of which are set aside for homeless and/or disabled veterans.
The project was developed through a partnership between Domus Corporation, a non-profit housing development organization affiliated with Catholic Charities of the Archdiocese of Newark, and the Housing Development Corporation (HDC) of Bergen County, the non-profit arm of the Housing Authority of Bergen County.
Located in a tree-lined residential neighborhood of single family homes and garden apartments, Franklin Street Villa features air-conditioned apartments with Internet access and emergency pull cords, and a live-in superintendent. All residents will enjoy use of a community room, lounge and patio, as well as emergency maintenance and on-site laundry and parking. Franklin Street Villa is also close to The James F. McGuire Memorial Senior Citizen Center, which welcomes adults ages 55 and over to enjoy a variety of social, entertaining and educational programs that include topics such as nutritional well-being. Additionally, residents are able to take part in exercise programs, movie nights, bingo, seminars by informative speakers and monthly bus trips to various activities and events.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the project highly competitive 9% Low Income Housing Tax Credits, which are expected to generate more than $5.1 million in private equity. Also, HMFA awarded more than $1.3 million in permanent financing and another $2.175 million in federal Community Development Block Grant (CDBG) Disaster Recovery dollars through the Fund for Restoration of Multifamily Housing (FRM). The FRM Program was created in the aftermath of Superstorm Sandy and provides qualified housing developers with subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in the nine counties the federal government designated as the most impacted by the storm. Additionally, eight project-based Section 8 vouchers were issued to the project through the Housing Authority of Bergen County for $1,230 per unit.
“Franklin Street Villa is providing good quality apartments in a warm hometown ambiance to senior citizens, including those who may have been affected by Sandy, at a monthly cost they can comfortably afford,” said HMFA Executive Director Marchetta. “We are pleased to have helped support this project, which was specially designed for older adults and veterans with disabilities – two vulnerable populations that deserve the peace of mind that comes with living in a brand new community with supportive services.”
The new building is a three-story midrise with an elevator, comprising 29 one-bedroom units and one two-bedroom unit for the live-in superintendent. Of the 29 one-bedroom units, 21 will be rented at 57.5% of Area Median Income with net rents of $905; six will be set aside for special needs individuals; and two will be set aside for individuals who are seniors with special needs. Catholic Charities of the Archdiocese of Newark will provide supportive services to individuals with special needs and help link them to resources, health care, and other treatment services.
