FOR IMMEDIATE RELEASE: Wednesday, October 21, 2015


 Pleasantville City Center Provides Affordable Housing Units for Working Families

Pleasantville, NJ – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local officials and representatives of RPM Development Group to celebrate the grand opening of the first two phases of Pleasantville City Center, a multiphase, mixed-use, mixed-income community in Atlantic County, one of the nine counties most impacted by Superstorm Sandy as determined by the U.S. Department of Housing and Urban Development (HUD).

The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), awarded the two phases a total of approximately $7.3 million in Community Development Block Grant (CDBG) Disaster Recovery monies through the Fund for Restoration of Multifamily Housing (FRM). The FRM program provides for-profit and non-profit housing developers an opportunity to secure zero-interest and low-interest loans to finance the development of affordable housing. Additionally, HMFA provided a total of approximately $3.75 million in permanent financing for Phase I and II, and awarded them the extremely competitive 9% federal Low Income Housing Tax Credits (LIHTC), which will generate a total of approximately $25.15 million in private equity.

Fronting Milan Avenue and Main Street in the heart of Pleasantville's downtown, this project totals 135 residential apartments, 10 of which are set aside for people with special needs, and approximately 18,000 square feet of street-level retail space. The mixed-use Phase I is 100 percent occupied while the mixed-income Phase II, a four-story, 67-unit apartment building for families, is 75 percent occupied.

"We are very pleased to help officially open Pleasantville City Center, which provides affordable housing for working families, including those with special needs, as well as business opportunities in a Sandy-impacted neighborhood," said DCA Commissioner Charles Richman, who also serves as Chairman of the HMFA. "Today’s grand opening is demonstrative of the Administration’s purpose to increase affordable housing units in the counties most affected by Sandy as part of the state’s long-term recovery from 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.

RPM Development Group transformed an overgrown, underutilized lot on one of Pleasantville’s primary mixed-use corridors into Pleasantville City Center, which is a LEED-certified, modern building. Neighborhood services and shopping, employment opportunities, public transportation, medical facilities, public schools, and recreational facilities are all located within one half mile of the project. Among the 135 residential units, 37 are market rate, and the rest are affordable to households whose incomes are 60 percent or less than the area median income.

Each apartment has a spacious layout finished with sustainable building materials and ENERGY STAR appliances. Additional project amenities include a landscaped recreation area, a laundry room on each residential floor, an elevator and on-site parking. The services include, but are not limited to, job training, health and wellness activities such as health screenings and vaccinations, and personal finance management, including financial literacy seminars. In addition to the social services available to all residents, special needs tenants have full access to an on-site Resident Services Coordinator, who provides intensive case management services and encourages independent living and self-sufficiency.

"HMFA was happy to provide the capital financing for the construction of this sustainable housing development that is providing high-quality affordable and market rate housing opportunities for hardworking New Jersey families," said HMFA Executive Director Marchetta. "Pleasantville City Center, which epitomizes our mission of increasing the availability of safe, permanent, affordable housing in New Jersey, will help bring economic diversity and stability to the City of Pleasantville and its surrounding areas."

HMFA estimates that Pleasantville City Center cost approximately $38.6 million to develop; generated approximately $61.2 million in one-time economic output; and created approximately 367 direct and indirect/induced full-time jobs and $2.2 million in state and local taxes during construction. Now completed, the project will continue to add value to the community by providing more than $6.8 million in ongoing economic output; 39 direct and indirect/induced full-time jobs; and $386,000 in state and local taxes annually. Other funding sources for the development of Pleasantville City Center include deferred developer fees.

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.

While the 90-day priority period for Sandy-impacted individuals has concluded, the project is still accepting applications. Those interested in learning more about Pleasantville City Center may email or call (609) 377-5985.

Also, 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