NJHMFA Board Approves Affordable Rental and Supportive Housing Projects Financed by Sandy Recovery Funds
TRENTON – (RealEstateRama) — The New Jersey Housing and Mortgage Finance Agency (NJHMFA) Board of Directors at its November 9 meeting approved financing commitments, including Superstorm Sandy recovery funding, for a supportive housing project in Union Township that will serve special needs residents and an affordable rental project in Atlantic City.
Glendale Place Supportive Housing, developed by Nouvelle Associates, involves the construction of a 2,005-square-foot ranch-style home, which will provide housing for four residents with developmental disabilities. The home in Union Township will include four bedrooms, two full bathrooms, a kitchen, living, family and dining rooms, an office, laundry, and a single-car garage.
The house will cost nearly $600,000 to build and will receive $480,000 in federal Community Development Block Grant Disaster Recovery (CDBG-DR) assistance through the Sandy Special Needs Housing Fund. The fund was created in the aftermath of Superstorm Sandy to provide subsidies in the form of zero- and low-interest loans to developers of affordable supportive housing in the nine counties the federal government designated as the most impacted by the storm. Construction is expected to start in February 2018 and be completed in October 2018.
To date, NJHMFA has awarded about $54.6 million through the Sandy Special Needs Housing Fund to approximately 39 projects, representing more than 460 special needs beds. Of these Sandy Special Needs housing projects, 28 are complete with the remainder in different phases of development and construction.
The Board also approved a financing commitment for Beachgate Homes, which involves the renovation of a 23-unit, two-story apartment complex in Atlantic City. The studio, one- and two-bedroom apartments will be for residents earning less than 80 percent of area median income.
Beachgate Homes, which is being developed by New Vistas Corporation, will cost approximately $2.2 million to complete. The renovation project will receive $1.8 million in CDBG-DR assistance through the Fund for Restoration of Multifamily Housing (FRM). The FRM program was created following Superstorm Sandy to provide for-profit and nonprofit housing developers an opportunity to secure zero-interest and low-interest loans to finance the development of affordable housing in the nine counties most impacted by the storm. Construction is expected to begin in January 2018 with an anticipated completion date of January 2019.
NJHMFA has awarded more than $617 million to 76 FRM projects, representing more than 6,000 housing units. To date, 45 projects are complete with the remainder in different phases of development and construction.
For more information on the Sandy Special Needs Housing Fund, FRM program, and other NJHMFA programs, visit www.njhousing.gov.