$1.25 Million Awarded to Develop 10 Affordable Senior Rental Housing Units in Millstone

MILLSTONE, NJ – The Murphy Administration today announced the award of $1,250,000 to the nonprofit agency Affordable Housing Alliance Inc. to build 10 affordable senior rental units through the Affordable Housing Trust Fund (AHTF). The Fund, which was restored as part of Governor Murphy’s FY2020 budget, is administered by the Department of Community Affairs (DCA) and allows for the development of different types of affordable housing projects to support stronger, fairer, and more affordable communities.

“I am excited to see these affordable housing units become a reality. They will help strengthen the Millstone community, creating more diverse neighborhoods, while keeping Monmouth County vibrant and prosperous,” said Lt. Governor Sheila Y. Oliver, who serves as DCA Commissioner. “The rental units will provide 10 families with the opportunity to have an affordable place to call home.”

The Allen House 2 project will receive $1,250,000 for the new construction of a single building containing ten affordable senior rental units located at 471 Stagecoach Road, Millstone Township. The AHTF awards were given statewide to smaller rental and homeownership housing projects sized at 25 or fewer units, which often have difficulty obtaining financing. These projects will fill the gaps within the existing affordable housing ecosystem, build on current assets and investments, and add value to neighborhoods by addressing housing needs in an equitable way.

Project funding was based on several core principles, including advancing equity in addressing housing needs, encouraging leverage of other public and private resources, and allowing a flexible structure for funds to be used to complete projects. DCA also held multiple listening sessions to hear from stakeholders about the best way the funding could be most equitably spent.

“Adding and maintaining affordable housing in Monmouth County just makes good sense,” said Senator Vin Gopal (D-Monmouth). “Giving working people a chance to buy and rent housing, in cities and towns where they can raise families and contribute to their communities makes all of our neighborhoods that much stronger.”

"Whenever a home is sold in Millstone or anywhere in New Jersey, a portion of the realty transfer fee is deposited into the Affordable Housing Trust Fund," said Senator Sam Thompson (R-12). "I'm glad to see $1.25 million of these funds returning to Millstone to support the construction of affordable rental units for our seniors."

"I am very glad to see the Affordable Housing Trust Funds begin to make a lasting impact on our communities in need," said Assemblyman Benjie Wimberly, chair of Assembly Housing Committee. “This will be life-changing for many families and it's only the beginning of ensuring good, quality housing opportunities for residents throughout New Jersey. I applaud the Governor's commitment and all of the organizations working together in the designated counties to make more affordable homes a reality in the state."

 “Millstone Township’s actions with regards to helping those in need speak louder than words....we are proud to strive and work hard to meet Affordable housing needs as per the state mandate,”  said Millstone Township Mayor Fiore J. Masci.

Selected projects demonstrated strong municipal support; participation in other state-funded community development initiatives; partnerships with private sector investors; sustainability/resilience; walkability; mixed-use; accessibility; and thoughtfulness in addressing gentrification.

The AHTF is allocated through three funds, all focused on creating housing for households earning less than 80 percent of Area Median Income (AMI), with preferences for providing units with deeper affordability. This project was funded by the Municipal Settlement Fund, which helps municipalities create smaller-scale projects that fit into the landscapes of their neighborhoods and assist them in fulfilling their court-sanctioned affordable housing settlements. Applicants may be municipalities or developers supported by a municipality. Municipalities are required to provide leverage in the form of funding from their local affordable housing trust fund or, where there is no local fund, in the form of publicly-owned property made available at low or no cost, or some other form of investment. The maximum subsidy for a given project financed through the Municipal Settlement is $6 million.

In addition to this award in Monmouth County, the Murphy Administration announced the award of more than $19 million to housing organizations throughout the state through the Affordable Housing Trust Fund (AHTF).

The DCA offers a wide range of programs and services, including affordable housing production, fire safety, building safety, community planning and development, local government management and finance, and disaster recovery and mitigation.

For more information about DCA, visit https://nj.gov/dca/ or follow the Department on social media:

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