TEANECK, N.J. – The New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta recently joined state and local officials to celebrate the groundbreaking of Teaneck Senior Housing, a 62-unit senior rental community in Teaneck, Bergen County, for seniors age 62 and older.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), provided the project $9.8 million in construction financing, and awarded the project the 4% federal Low Income Housing Tax Credits (LIHTC) that generated approximately $4.9 million in private equity.
“We are excited to see the groundbreaking of Teaneck Senior Housing that will provide affordable housing opportunities for the township’s senior citizens,” said DCA Commissioner Richard E. Constable, III, who also serves as Chairman of the HMFA. “Projects like this enable our seniors to age comfortably in place, while transforming underutilized sites into thriving affordable housing communities.”
The project, which cost approximately $18.5 million to develop, will not only provide affordable housing opportunities for seniors, but will also continue to have a positive economic impact on the Bergen County community. HMFA estimates that the project will generate approximately $29.3 million in one-time economic output, 175 direct and indirect/induced full-time jobs, and $1.1 million in state and local taxes during construction. Upon completion, the project will continue to add value to the community by providing approximately $3.3 million in ongoing economic output, 19 direct and indirect/induced full-time jobs, and approximately $185,000 in state and local taxes annually.
Other funding sources for the development of Teaneck Senior Housing include the Section 202 Supportive Housing Program funds and Section 202 Planning Grant from the U.S. Department of Housing and Urban Development (HUD), Bergen County Home Investment Partnership Program funds, Bergen County Community Development Block Grant (CDBG) funds, Teaneck Senior Citizens Residual Receipts, and financing through the Federal Home Loan Bank.
Located in a residential neighborhood of Teaneck with single-family homes and garden apartments, the project site is only a half block from a main thoroughfare with shopping, restaurants, pharmacies, doctor’s offices, parks, and other services. The site is currently vacant with all roads and utilities in place. Teaneck Senior Housing will be a newly constructed three-story, elevator- serviced building with underground parking. There will be 60 one-bedroom apartment units, and one two-bedroom unit for the building superintendent. All units will be handicapped adaptable, and 5% of the units will be handicapped accessible. Building amenities will include a community space, common laundry facilities, security features, and offices for property management and social service functions.
“I am so pleased that the HMFA, New Jersey’s affordable and workforce housing bank, will provide the critical financing that will bring Teaneck Senior Housing to fruition,” said HMFA Executive Director Marchetta. “The LIHTC program has helped produce more than 40,000 housing opportunities for New Jersey’s working class since its inception in 1986, and is one of the most successful and efficient federal housing programs ever created to incentivize the private market to invest in the creation or rehabilitation of quality affordable rental housing that enhances our neighborhoods.”
Annually, states are allocated Low Income Housing Tax Credits by the federal government on a per-capita basis. HMFA, as the administrator of the federal Low Income Housing Tax Credit Program in New Jersey, allocates approximately $20 million in 9% credits annually, which generates over $180 million in equity for the development of affordable housing in the state.
The project was co-developed by the Alpert Group and Geriatric Services, Inc.
For more information on HMFA programs, please visit www.njhousing.gov.