State of New Jersey Housing and Mortgage Finance Agency
NJ Home | Services A to Z | Departments/Agencies | FAQs
 
State of New Jersey Housing and Mortgage Finance Agency
   Translator Disclaimer   
Christie Administration Awards More Than $180 Million in Sandy Recovery Funds to Multifamily Affordable Housing Projects in Storm-Impacted Communities
Home > Media Room > HMFA in the News > News 2015 > Christie Administration Awards More Than $180 Million in Sandy Recovery Funds to Multifamily Affordable Housing Projects in Storm-Impacted Communities
For Immediate Release: Contact:
April 16, 2015 Lisa Ryan

609-292-6055
 

Christie Administration Awards More Than $180 Million in Sandy Recovery Funds to Multifamily Affordable Housing Projects in Storm-Impacted Communities

Second Round of Fund for Restoration of Multifamily Housing Will Create 1,500 Housing Units; Brings to 4,400 the Total Number of Housing Units Created Through the Program

TRENTON, NJ – Continuing to serve the mission of financing safe, decent, affordable housing across the State of New Jersey, the Board of the New Jersey Housing and Mortgage Finance Agency (HMFA) recently committed more than $180 million in federal Sandy recovery funds to create approximately 1,500 housing units – most of which will be affordable – in the nine counties that the federal government designated as the most impacted by the storm (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Union). The total development cost of the housing units is estimated at $413 million, and the projects will generate an estimated 1,740 direct and indirect full-time jobs during construction.

Funding for the housing projects is made possible with federal Community Development Block Grant (CDBG) Disaster Recovery dollars through the Fund for Restoration of Multifamily Housing (FRM) Program. The FRM Program was created in the aftermath of Superstorm Sandy and provides qualified housing developers subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in an effort to increase the affordable housing supply in the nine most impacted counties.

“We are excited to commit nearly $183 million in second round FRM Program awards to 18 multifamily projects in Atlantic, Essex, Hudson, Monmouth, and Ocean Counties,” said New Jersey Department of Community Affairs (DCA) Acting Commissioner Charles Richman, who also serves as Acting Chairman of the HMFA board. “Housing projects funded by the FRM Program are not only helping to meet an affordable housing demand that was exacerbated by Sandy, they are also providing a foundation upon which communities can build for years to come.”

The 18 shovel-ready projects awarded FRM funds were selected using a competitive process based on selection criteria pursuant to the FRM Program guidelines, which are consistent with the DCA’s Superstorm Sandy CDBG Disaster Recovery Action Plan Amendment 7 that details how the second round of CDBG Disaster Recovery funds to New Jersey are to be utilized.

During the first three months of lease-up at projects awarded FRM funds, priority will be given 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.

“We are pleased to spearhead the State’s efforts to replenish affordable rental units lost as a result of storm damage from Sandy,” said HMFA Executive Director Anthony Marchetta. “The Fund for Restoration of Multifamily Housing will generate thousands of new affordable units a year over the next several years and will positively contribute to the economy, particularly in communities hardest hit by the storm.”

The HMFA estimates that the second round FRM Program awards will generate approximately $290 million in one-time economic output, 1,740 direct and indirect/induced full-time jobs, and $10.6 million in state and local taxes during construction. Upon completion, these 18 projects will generate more than $32.4 million in ongoing economic output, 183 direct and indirect full-time jobs, and over $1.8 million in state and local taxes annually.

FRM Round 2 Projects in Atlantic County
Project Name Municipality Population Total Units CDBG Units Project Type FRM Award Total Development Cost
The Beach at South Inlet Atlantic City Family 250 50 New $10,199,671 $67,593,602
Tennessee Green Atlantic City Family 66 66 New $14,250,000 $19,570,156
Visions at Absecon Affordable Housing Absecon City Family 24 24 New $2,805,000 $6,481,220
Visions at Absecon Affordable Senior Housing Absecon City Senior 36 36 New $4,202,000 $8,685,620
Egg Harbor Township Family Egg Harbor Township Family 76 76 New $9,137,747 $20,775,809
Absecon Family Housing (aka Clayton Mill Run) Absecon City Family 72 72 New $11,321,627 $19,481,312
Totals     524 524   $51,916,045 $142,587,719


FRM Round 2 Projects in Essex County
Project Name Municipality Population Total Units CDBG Units Project Type FRM Award Total Development Cost
999 Broad Phase I Newark City Family 87 47 New $3,400,000 $20,844,004
Totals     87 47   $3,400,000 $20,844,004


FRM Round 2 Projects in Hudson County
Project Name Municipality Population Total Units CDBG Units Project Type FRM Award Total Development Cost
Montgomery Family Phase 1 Jersey City Family 126 116 New $13,920,000 $41,838,435
Totals     126 116   $13,920,000 $41,838,435


FRM Round 2 Projects in Monmouth County
Project Name Municipality Population Total Units CDBG Units Project Type FRM Award Total Development Cost
Fort Monmouth Historic Oceanport Family 48 24 Rehab $7,943,423 $15,687,003
Oakland Square, LLC Red Bank Family 12 12 New $1,414,000 $2,928,061
Aberdeen Family Residence Aberdeen Family 70 70 New $10,799,519 $21,761,375
Glassworks at Aberdeen Aberdeen Family 110 110 New $17,582,991 $31,842,291
Bayshore Village Middletown Senior 110 109 New $18,844,550 $31,485,414
Aberdeen Senior Residence Aberdeen Senior 75 75 New $11,762,239 $23,007,706
Totals     425 400   $68,346,722 $126,711,850


FRM Round 2 Projects in Ocean County
Project Name Municipality Population Total Units CDBG Units Project Type FRM Award Total Development Cost
Meadow Green Apts Toms River Senior 80 79 New $14,250,000 $23,505,777
Toms River Senior Toms River Senior 102 101 New $18,533,192 $28,081,509
Manchester Sr Housing Manchester Township Senior 70 70 Rehab $7,783,667 $12,484,243
Barnegat Sr. Apartments Barnegat Township Senior 70 70 New $8,304,217 $16,768,665
Totals     322 322   $48,871,076 $80,840,194

Under the first round FRM Program awards, HMFA allocated $179 million of federal Sandy recovery funds to create 2,916 units of housing in 36 multifamily developments. The HMFA estimates that these 36 projects will generate approximately $1 billion in one-time economic output, 6,500 direct and indirect/induced full-time jobs, and $39.7 million in state and local taxes during construction. Upon completion, these 36 projects will generate more than $121 million in ongoing economic output, 684 direct and indirect/induced full-time jobs, and over $6.8 in state and local taxes annually. To date, eight projects funded in the first round have completed construction.

Sandy-impacted residents can learn more about these affordable housing projects by visiting the New Jersey Housing Resource Center at 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 becomes available.

All HMFA Board actions, including approval of the second round FRM awards, will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

For more information on HMFA programs, including the Fund for Restoration of Multifamily Housing, visit www.njhousing.gov.