September 28, 2011 - DCA & HMFA Celebrate Grand Opening of 70-Unit Affordable Housing Building in Orange
DCA & HMFA Celebrate Grand Opening of 70-Unit
Affordable Housing Building in Orange
Grand Central at Orange Includes Units for Homeless, Disabled Military Veterans
ORANGE, N.J. – New Jersey Department of Community Affairs (DCA) Commissioner Lori Grifa today joined Orange Mayor Eldridge Hawkins to celebrate the completion of Grand Central at Orange, an affordable housing building at 219 South Center Street in Orange. The DCA and New Jersey Housing and Mortgage Finance Agency, a DCA affiliate, committed funding for the project.
"It is very uplifting to see that Grand Central at Orange was completed despite the economic challenges of the past three and half years. To know that my Department helped make this day possible is especially gratifying," said DCA Commissioner Lori Grifa, who is Chair of the HMFA. "As a result of this project, more families in Orange will have affordable, comfortable apartments they can be proud to call home."
Grand Central at Orange provides a total of 70 housing units, including 59 one-bedroom units and 11 two-bedroom units. All units are affordable to households at or below 60 percent of area median income. Ten of the units have been set aside for homeless households with priority for homeless and/or disabled military veterans. The units include Energy Star appliances, hardwood floors and separate heating and central air-conditioning units.
RPM Development LLC, a housing construction firm based in Montclair, NJ, that specializes in affordable housing, developed the project and is managing the building.
"The HMFA is pleased to provide the capital financing that enabled the development of this project, which presents a better living experience for the residents of Orange," said HMFA Executive Director Anthony L. Marchetta. "This project is a wonderful example of the good that can come out of public-private partnerships."
Through a combination of loan and subsidy programs, the HMFA was able to provide more than $8 million in permanent construction financing for Grand Central at Orange. The 10 housing units set aside for homeless households will also receive funding from the DCA's State Rental Assistance Program (SRAP) for a term of 10 years.
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. For more information on SRAP, please log on to www.nj.gov/dca/divisions/dhcr/offices/srap.html.