Christie Administration Marks Groundbreaking of Veterans’ Affordable Housing Project in Bergen County
EMERSON BOROUGH – (RealEstateRama) — Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) recently joined elected state and local officials and community leaders to celebrate the groundbreaking of Emerson Veterans Supportive Housing, which provides 14 new rental apartments for veterans with special needs. The developer is Emerson Affordable Housing, a single purpose entity formed by the Housing Development Corporation of Bergen County.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the developer $2.5 million in federal Community Development Block Grant (CDBG) Disaster Recovery funds through the Sandy Special Needs Housing Fund (SSNHF). The SSNHF program provides capital subsidies in the form of loans to non-profit and for-profit developers to develop permanent supportive housing in the nine counties most impacted by Sandy for low- and moderate-income special needs populations.
“Because Superstorm Sandy affected people with special needs, we wanted to create a recovery program to expand supportive housing options for vulnerable populations in counties impacted by the storm. We are so pleased to use the federal Sandy recovery funds to support this worthwhile housing development that truly represents HMFA’s core mission to provide safe, decent, and affordable housing in New Jersey,” said HMFA Executive Director Anthony L. Marchetta. “Emerson Veterans Supportive Housing will also provide a social services coordinator who will act as liaison between the residents, their supportive services providers, and the community. Projects like these help those most in need to live and thrive independently.”
Emerson Veterans Supportive Housing will transform a vacant lot in the borough into a permanent supportive housing community designed and equipped to serve homeless disabled veterans. The community will feature seven one-story duplexes comprising 14 one-bedroom apartments, all of which will be available to individuals with incomes of less than 50 percent of Area Median income (AMI).
Catholic Charities will be the supportive services provider focused on helping residents live independently. The services will include onsite case management, as well as linkages with community organizations that provide mainstream resources and access to health care and other treatment services.
HMFA estimates that the project, which will cost approximately $3.1 million to develop, will generate approximately $4.9 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project will support approximately 30 direct and indirect/induced full-time equivalent jobs, and approximately $179,000 in state and local taxes. Once complete, the project will continue to add value to the community by providing more than $548,000 in ongoing economic output, three direct and indirect/induced full-time equivalent jobs, and $31,000 in state and local taxes annually.
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled “Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency’s Investment in Affordable Housing,” conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov.
