Ocean Green Senior Apartments Provides 44 Affordable Rental Housing Units for Seniors and Individuals with Special Needs
JERSEY CITY, NJ - New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials and representatives from Cara Development, Inc. to celebrate the grand opening of Ocean Green Senior Apartments, a 44-unit affordable housing development in Jersey City.
The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded Ocean Green Senior Apartments approximately $2.9 million in federal Sandy Recovery funds through the Fund for Restoration of Multifamily Housing (FRM), which enables developers to secure zero-interest and low-interest loans to finance affordable housing developments in the nine counties the federal government determined were most affected by the storm.
Additionally, HMFA provided the project approximately $1.1 million in construction financing and awarded it $500,000 from the Sandy Special Needs Housing Fund, approximately $20,000 from the Special Needs Revolving Loan Program, and competitive 9% federal Low Income Housing Tax Credits, which has generated a total of approximately $8.2 million in private equity.
"We are excited to see the grand opening of Ocean Green Senior Apartments, which is creating a thriving residential community for seniors and individuals with special needs, including those impacted by Superstorm Sandy," said DCA Commissioner Charles Richman, who also serves as Chairman of the HMFA. "Projects like this help enhance urban neighborhoods by mobilizing capital investment and fostering re-development. They also assist in stabilizing Sandy-impacted communities."
Individuals who were displaced by and/or experienced major or severe damage from Superstorm Sandy were given priority during the first 90 days of leasing.
Ocean Green Senior Apartments provides affordable rental units for seniors 55 and older earning less than 60 percent of the area median income, with 11 units set aside for individuals with special needs. The apartments feature hardwood floors and stainless steel kitchen appliances that are ENERGY STAR-certified and comply with HMFA's own green building program, Green Future. Building amenities include two elevators, a fully furnished community room, a green roof terrace with landscaped seating area, on-site parking, laundry facilities, a controlled Keyless Phone Entry System, a security camera system and breathtaking views of Manhattan. Social services are provided to residents at no cost through the Jersey City Office on Aging and Senior Affairs, C-Line Community Outreaches Services, Inc., Barnabas Health/Jersey City Medical Center's Integrated Case Management Services (ICMS), and Bridgeway Rehabilitation Services.
The building is within convenient walking distance to grocery stores, houses of worship, banks, and retail establishments. There is municipal bus service in front of the building, and the Hudson-Bergen Light Rail passenger train is one block away. The Light Rail service offers access to shopping at Newport Mall, as well as connections to the PATH and additional local and regional transportation options.
"We are so pleased to use the state's Sandy recovery funds to support this worthwhile housing development that truly represents HMFA's core mission to provide safe, decent, and affordable housing in New Jersey," said HMFA Executive Director Marchetta.
HMFA estimates that the project has generated approximately $19.4 million in one-time economic output, defined as the total value of industry production, such as sales and business revenues. During construction, the project supported approximately 117 direct and indirect/induced full-time equivalent jobs, and approximately $700,000 in state and local taxes. Now completed, the project will continue to add value to the community by providing approximately $2.1 million in ongoing economic output, 12 direct and indirect/induced full-time equivalent jobs, and approximately $120,000 in state and local taxes annually.
Economic Impact Analysis figures were estimated using multipliers derived from a 2013 study entitled "Economic and Fiscal Impacts of the New Jersey Housing and Mortgage Finance Agency's Investment in Affordable Housing," conducted by HR&A Advisors, Inc., a real estate and economic development consulting firm.
The project is still accepting applications. Those interested in learning more about Ocean Green Senior Apartments may email email@example.com, call (201) 822-1525, or visit www.oceangreenjc.com for information.
Sandy-impacted residents can learn more about other affordable housing projects funded with Sandy recovery dollars by visiting the New Jersey Housing Resource Center at http://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 counties the federal government determined were most impacted by Superstorm Sandy. 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 being added regularly as it becomes available.
For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit www.njhousing.gov.