Gregory Senior Residences and Maestro Annex Phase II Provides 52 Units of Affordable Rental Housing for Seniors

Christie Administration Marks Grand Opening of Affordable Housing Project in Long Branch, Monmouth County, Financed with Federal Sandy Recovery Funds

Long Branch, NJ – October 15, 2015 – (RealEstateRama) – The New Jersey Housing and Mortgage Finance Agency (HMFA) today joined local and state officials along with representatives of the City of Long Branch Housing Authority, Maestro Community Development Corporation, Conifer Realty, LLC, and The Metro Company, LLC to celebrate the grand opening of Phase II of the Gregory Senior Residences and Maestro Annex, an affordable senior housing development in Long Branch, Monmouth County

The Agency also awarded the project competitive 9% federal Low Income Housing Tax Credits (LIHTC), which will generate $7.9 million in equity. “Gregory Senior Residences and Maestro Annex Phase II demonstrates the Christie Administration’s commitment to developing quality housing for families living on limited or fixed incomes who have been impacted by Superstorm Sandy,” said DCA Commissioner Charles Richman, who also serves as Chairman of the HMFA board.

These economic impact 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.

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