TRENTON, NJ – Continuing to serve the mission of financing safe, decent, affordable housing across the State of New Jersey, the Board of the New Jersey Housing and Mortgage Finance Agency (HMFA) recently committed more than $180 million in federal Sandy recovery funds to create approximately 1,500 housing units – most of which will be affordable – in the nine counties that the federal government designated as the most impacted by the storm (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, Union). The total development cost of the housing units is estimated at $413 million, and the projects will generate an estimated 1,740 direct and indirect full-time jobs during construction.

Funding for the housing projects is made possible with federal Community Development Block Grant (CDBG) Disaster Recovery dollars through the Fund for Restoration of Multifamily Housing (FRM) Program. The FRM Program was created in the aftermath of Superstorm Sandy and provides qualified housing developers subsidies in the form of zero- and low-interest loans to finance the development of affordable housing in an effort to increase the affordable housing supply in the nine most impacted counties.

“We are excited to commit nearly $183 million in second round FRM Program awards to 18 multifamily projects in Atlantic, Essex, Hudson, Monmouth, and Ocean Counties,” said New Jersey Department of Community Affairs (DCA) Acting Commissioner Charles Richman, who also serves as Acting Chairman of the HMFA board. “Housing projects funded by the FRM Program are not only helping to meet an affordable housing demand that was exacerbated by Sandy, they are also providing a foundation upon which communities can build for years to come.”

The 18 shovel-ready projects awarded FRM funds were selected using a competitive process based on selection criteria pursuant to the FRM Program guidelines, which are consistent with the DCA’s Superstorm Sandy CDBG Disaster Recovery Action Plan Amendment 7 that details how the second round of CDBG Disaster Recovery funds to New Jersey are to be utilized.

During the first three months of lease-up at projects awarded FRM funds, priority 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.

“We are pleased to spearhead the State’s efforts to replenish affordable rental units lost as a result of storm damage from Sandy,” said HMFA Executive Director Anthony Marchetta. “The Fund for Restoration of Multifamily Housing will generate thousands of new affordable units a year over the next several years and will positively contribute to the economy, particularly in communities hardest hit by the storm.”

The HMFA estimates that the second round FRM Program awards will generate approximately $290 million in one-time economic output, 1,740 direct and indirect/induced full-time jobs, and $10.6 million in state and local taxes during construction. Upon completion, these 18 projects will generate more than $32.4 million in ongoing economic output, 183 direct and indirect full-time jobs, and over $1.8 million in state and local taxes annually.

Under the first round FRM Program awards, HMFA allocated $179 million of federal Sandy recovery funds to create 2,916 units of housing in 36 multifamily developments. The HMFA estimates that these 36 projects will generate approximately $1 billion in one-time economic output, 6,500 direct and indirect/induced full-time jobs, and $39.7 million in state and local taxes during construction. Upon completion, these 36 projects will generate more than $121 million in ongoing economic output, 684 direct and indirect/induced full-time jobs, and over $6.8 in state and local taxes annually. To date, eight projects funded in the first round have completed construction.

Sandy-impacted residents can learn more about these affordable housing projects by visiting the New Jersey Housing Resource Center at 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 becomes available.

All HMFA Board actions, including approval of the second round FRM awards, will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

For more information on HMFA programs, including the Fund for Restoration of Multifamily Housing, visit www.njhousing.gov.