November 14, 2011 - DCA & HMFA Celebrate the Grand Opening of Mary Norton Manor in Jersey City
DCA & HMFA Celebrate the Grand Opening of
Condominium Complex Offers Affordable Homeownership Opportunities to Workforce in Jersey City
JERSEY CITY, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Director of Single Family Programs Jerome Keelen joined local officials and project developers to celebrate the grand opening of Mary Norton Manor, a 24-unit affordable condominium community located in Jersey City. The HMFA, an affiliate of the Department of Community Affairs (DCA), committed approximately $4.6 million in construction and subsidy loans for the project.
"Affordable homeownership is a vital component of the success of any neighborhood, and it provides people 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 affordable housing for the workforce in Jersey City."
Mary Norton Manor is located in a Smart Growth area and in a neighborhood that is part of Jersey City’s Redevelopment Plan. The condominium complex includes two units for low-income households, four units for moderate-income households, and 18 Emerging Market Units. All of the condominiums are two-bedroom units with a mix of flats and duplexes that range in price from $65,000 to $296,000.
It was designed and constructed by Franklin Development Group as a green and sustainable workforce housing project and is the third such project built by the group as part of its Workforce Initiative Master Plan.
"Mary Norton Manor represents the HMFA'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 Executive Director Marchetta. "I am delighted that the Agency's CHOICE Program was able to provide substantial funding for construction and permanent financing for the project."
The HMFA provided a construction loan of approximately $2.9 million and a subsidy loan of approximately $1.9 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 low-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.