Dec-14-2010 DCA & HMFA Celebrate the Grand Opening of Summit Heights in Jersey City
DCA & HMFA Celebrate the Grand Opening of
JERSEY CITY, N.J. – Representatives from the New Jersey Housing and Mortgage Finance Agency (HMFA) joined local officials today to celebrate the grand opening of Summit Heights, a 45-unit condominium project located at the corner of Secaucus Road and Summit Avenue in the Heights section of Jersey City. The HMFA, an affiliate of the Department of Community Affairs (DCA), committed approximately $7.5 million in construction and subsidy loans for the project.
"Affordable homeownership is a vital component towards the success of any city, and it provides residents with the opportunity to achieve their piece of the American Dream," said DCA Commissioner Lori Grifa, who is Chair of the HMFA. "My sincere congratulations go out to the development team for recognizing the need to produce sustainable and affordable workforce housing."
Summit Heights is a newly constructed, mixed-income building of 45 residential units. The condominiums range in price between $60,000 and $255,000. The project includes 5 affordable units, 10 moderate income units, and 30 workforce housing units. Each unit features two bedrooms, living room, dining area and kitchen. The building, which was innovatively designed to meet Energy Star requirements, is a LEED Silver certified project. The homeowners will have access to parking, a laundry facility, bicycle storage room, locker storage room, and mailroom. Summit Heights is also in close proximity to shopping, public transportation, hospitals, parks and employment opportunities.
"Summit Heights truly represents the Agency’s mission of investing in projects that increase affordable homeownership, encourage people to live where they work, and enhance the well-being of the community," said HMFA Executive Director Anthony L. Marchetta. "I am delighted that the Agency’s CHOICE Program was able to provide substantial funding for construction and permanent financing for Summit Heights."
The HMFA provided a construction loan of approximately $4.5 million and a subsidy loan of approximately $3 million under the Choices in Home Ownership Incentives Created for Everyone (CHOICE) program. CHOICE is the Agency's financing program for the development of newly constructed and substantially rehabilitated homeownership housing in New Jersey. The program features below-market interest rate construction loans and construction subsidy funding for developers, as well as favorable end loan financing for eligible homebuyers.
For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.