FOR IMMEDIATE RELEASE: Wednesday, May 13, 2015

Christie Administration Marks Groundbreaking of Affordable Housing Project Assisted with Federal Sandy Recovery Funds

Heritage Village at Oakhurst in Ocean Twp., Monmouth County, Will Provide 93 Units of Affordable Rental Housing for Senior Citizens, 5 Set Aside for Individuals with Special Needs

 

　

OCEAN TOWNSHIP, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials and representatives of Community Investment Strategies, Inc., (CIS) to celebrate the groundbreaking of Heritage Village at Oakhurst. The housing development will consist of the new construction of a four-story building with 93 affordable one- to two-bedroom units for seniors, and individuals with special needs.

 

Building amenities at Heritage Village at Oakhurst will include two elevators, an on-site management office, and ample community space for its residents. Five of the 93 total units will be set aside for homeless individuals with special needs. Social services including case management will be provided to special needs tenants by Collaborative Support Programs of NJ, Inc. The development site is located next to an area with extensive commercial development along State Highway 35. To the east of the site, there is a large municipal park with walking trails, tennis courts, and a pool. Heritage Village at Oakhurst is intended to replace a senior housing community partially destroyed by Hurricane Irene.

 

The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided Heritage Village at Oakhurst with Agency financing and awarded approximately $11 million in Community Development Block Grant (CDBG) Disaster Recovery funds through the Fund for Restoration of Multifamily Housing (FRM) program, which provides zero-interest and low-interest loans to housing developers to finance affordable housing development in the nine counties the federal government determined were most impacted by Superstorm Sandy. Also, the HMFA approved the project for 4% federal Low Income Housing Tax Credits (LIHTC) of up to $6.4 million over ten years. The HMFA additionally provided approximately $500,000 in construction and permanent financing for the project from the Special Needs Housing Trust Fund.

 

"Heritage Village at Oakhurst demonstrates the Christie Administration’s commitment to supporting the development of quality housing for households living on limited or fixed incomes, in this case seniors, who have been impacted by Superstorm Sandy," said DCA Acting Commissioner Charles Richman, whose Department administers many of New Jersey’s Sandy recovery initiatives. "This project will also help to meet an affordable housing demand that was exacerbated by Sandy and will provide a foundation upon which the Ocean Township community can build for years to come."

 

During the first 90 days of lease-up of Heritage Village at Oakhurst, priority for residency 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. It is anticipated that apartments will be available in the Fall of 2016. Individuals who are interested in learning more about the project and its rental units may call (732) 493-6454 or visit

 

 

www.ciscommunities.com

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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 become available.

www.njhousing.gov

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