Christie Administration Marks Grand Opening of Affordable Housing Project Assisted with Federal Sandy Recovery Funds
60 Nevada in Newark Provides 75 Units of Affordable Rental Housing for Working Families,
Five Units Set Aside for Individuals with Special Needs
NEWARK, NJ – April 28, 2015 – (RealEstateRama) — New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials and representatives of RPM Development Group to celebrate the grand opening of 60 Nevada, a 75-unit affordable housing development, and the groundbreaking of its 87-unit mixed-use, mixed-income counterpart, 999 Broad.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided 60 Nevada with Agency financing, and awarded $2.9 million in Community Development Block Grant (CDBG) Disaster Recovery funds through the Fund for Restoration of Multifamily Housing (FRM) program, which provides zero-interest and low-interest loans to housing developers to finance affordable housing development in the nine counties the federal government determined were most impacted by Superstorm Sandy. The HMFA also approved the $20.5 million project for the competitive 9% federal Low Income Housing Tax Credits (LIHTC) of up to $13 million over ten years, generating approximately 65 percent of the total development cost. 999 Broad also received HMFA financing, and was awarded $3.4 million in Sandy recovery funds through the FRM program. The $20.9 million project also anticipates receiving federal LIHTCs later this year.
“We are extremely pleased to help support the 60 Nevada and 999 Broad projects, which will provide affordable housing opportunities for working families, including those impacted by Sandy” said DCA Acting Commissioner Charles Richman, whose Department administers many of New Jersey’s Sandy recovery initiatives. “These projects will also benefit the communities in which they are located and New Jersey as a whole by creating jobs, generating local and state taxes, and spurring economic growth in the local economy.”
During the first 90 days of lease-up at 60 Nevada and 999 Broad, priority for residency will be provided to Sandy-impacted individuals who registered for Federal Emergency Management Agency (FEMA) assistance or who rented an apartment or owned a primary residence that was no longer habitable because of Sandy damage. 60 Nevada is now accepting apartment applications for available units. Individuals who are interested in applying for a housing unit may contact leasing office Springfield Senior Management at (973) 744-5410, ext. 180 or email
Nevada (at) rpmdev (dot) com
for further details.
www.njhrc.gov
. The database is free and easy to use. On the homepage, individuals can click on Priority Housing for Sandy-Impacted Residents. The page that opens will display a list of available housing opportunities throughout the nine most impacted counties. The list includes such information as where projects are located, total number of housing units, contact information for the leasing office, website/phone number for people to submit applications, and date applications are being accepted. New information is regularly being added as it become available.
CONTACT:
Lisa Ryan
(609) 292-6055
