October 14, 2011 - DCA & HMFA Celebrate Parkside Senior Ribbon Cutting in Franklin Township, Somerset County
DCA & HMFA Celebrate Parkside Senior Ribbon Cutting in
Franklin Township, Somerset County
Seventy Units of Affordable Housing Provided to Seniors
FRANKLIN TWP., N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local, state and federal officials to celebrate the completion of Parkside Senior, a 70-unit affordable housing facility for seniors located at 25 Parkside Street in Franklin Township, Somerset County.
Parkside Senior, which is part of a larger revitalization project designed to include 140 affordable housing units, consists of a three-story building with 70 apartments for residents aged 55 and over. The second stage in the project is a 70-unit family development with a planned completion date in 2012.
The senior community consists of 60 one-bedroom units and 10 two-bedroom units. Twenty units have been set aside for public housing applicants and are affordable to seniors at or below 30% of area median income. The remainder of the units will be available for eligible seniors below 50% median income for the area. The project features energy-efficient design using sustainable construction materials in accordance with the U.S. Environmental Protection Agency's Energy-Star Program and is LEED-certified through the U.S. Green Building Council. The building will feature a community gathering room and new office space for the Franklin Township Housing Authority. The apartments are located near hospitals, train and bus stations, Rutgers University, and other amenities in the New Brunswick area.
The HMFA provided $1.5 million in mortgage financing for the project in addition to allocating $3.5 million in Tax Credit Assistance Program funds. In addition, Parkside Senior was awarded federal Low Income Housing Tax Credits, which will generate private equity of approximately $14 million. The HMFA is the administrator of federal tax credit programs for New Jersey.
"My sincere congratulations go out to the development team who successfully transformed a vision into a premier community," said Mr. Marchetta. "This project is a wonderful example of the good that can come out of public-private partnerships."
RPM Development LLC, the project developer, has developed more than 2,000 affordable housing units in New Jersey.
For more information on HMFA programs, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.