FOR IMMEDIATE RELEASE: Wednesday, October 21, 2015


 Beachview Residence Provides 58 Units of Affordable Rental Housing for Senior Citizens

Atlantic City, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined state and local officials, as well as representatives of Homes Now Inc. and RPM Development Group to celebrate the grand opening of Beachview Residence, a redevelopment project that converted a vacant and dilapidated beachfront structure in Atlantic City into a 58-unit apartment complex for seniors and individuals with special needs.

The HMFA, an affiliate of the New Jersey Department of Community Affairs, awarded the project approximately $5.6 million in federal Community Development Block Grant (CDBG) Disaster Recovery monies through the Fund for Restoration of Multifamily Housing (FRM). In the aftermath of Superstorm Sandy, the FRM program was created to provide for-profit and non-profit housing developers an opportunity to secure zero- and low-interest loans to finance the development of affordable housing in the nine counties that HUD designated as the most impacted by the storm. Additionally, HMFA provided the project approximately $594,000 through the Sandy Special Needs Housing Fund, and awarded it the extremely competitive 9% federal Low Income Housing Tax Credits (LIHTC), which will generate a total of approximately $11.5 million in private equity.

"Beachview Residence represents the transformation of a vacant structure in a highly Sandy-impacted area into a vibrant housing development for seniors on fixed incomes and individuals with special needs, including those displaced by the superstorm in Atlantic County," said DCA Commissioner Charles Richman, who also serves as Chairman of the HMFA. "We are pleased to provide this worthwhile project with Sandy recovery funds. Broadly speaking, these recovery funds are helping to address affordable rental housing lost to Sandy and to meet an affordable housing demand that was compounded by the storm."

Sandy-impacted individuals who registered for Federal Emergency Management Agency (FEMA) assistance, rented an apartment or owned a primary residence that was no longer habitable due to Sandy damage were given priority during the first 90 days of leasing.

Beachview Residence was developed by Homes Now Inc. and RPM Development Group. Homes Now Inc. is a not-for-profit corporation that provides affordable housing and services to municipalities throughout New Jersey. RPM Development Group is a developer of affordable housing in New Jersey with a history of adaptive reuse of historic structures and a goal to provide quality housing while aiming to improve neighborhoods.

The apartment complex includes a large reception area, a community room for resident activities, on-site laundry facilities, two elevators, on-site parking, and a rooftop terrace overlooking the Atlantic City beachfront. Beachview Residence is designed to achieve LEED certification and incorporates various green design features including ENERGY STAR stainless steel appliances, individual high-efficiency heating and cooling units, low VOC paints and finishes, low flow plumbing fixtures, and high efficiency lighting fixtures.

The site is located near the beach, boardwalk, public transportation, local stores, restaurants, and the tourist district. All residents have access to a range of services and activities, including personal financial management and health and wellness activities. The 15 special needs tenants will also have full access to an on-site Resident Services Coordinator who will provide case management services and encourage independent living and self-sufficiency.

"In addition to allowing special needs individuals and families to secure high quality affordable housing, this development will also promote integration and an active lifestyle with greater access to public transit and retail services around the city," said HMFA Executive Director Marchetta. "We are thrilled that we were able to provide the capital financing that enables the development of Beachview Residence, which has, and will continue to contribute a great deal to the local and state economy."

HMFA estimates that Beachview Residence cost approximately $18.4 million to develop; generated approximately $29.2 million in one-time economic output; created approximately 175 direct and indirect/induced full-time jobs and $1.1 million in state and local taxes during construction. Now completed, the project will continue to add value to the community by providing more than $3.3 million in ongoing economic output; 18 direct and indirect/induced full-time jobs; and $190,000 in state and local taxes annually.

These economic impact 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 Beachview Residence may email, call (609) 377-5985, or visit the website

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 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 regularly being added as it becomes available.

For more information on HMFA programs, please call 1-800-NJHOUSE or (609) 278-7400, or visit